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Bitcoin price descending channel and loss of momentum could turn $60K to resistance
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Bitcoin (BTC) appears to lack the strength to retest the $67,000 all-time high that it reached on Oct. 20 and this is causing investors to question whether or not the bullish moment has faded. Even with the price facing these hurdles, it’s still premature to call the $58,000 support level test the beginning of a descending channel.
Among the factors limiting the rally is the regulatory uncertainty in the United States. Anne Termine, a partner in the government enforcement and investigations practice at Bracewell LLP and former chief trial attorney at the Commodities Futures Trading Commission (CFTC), said that “there are no easy answers” for the agency to provide clear rules.
Increasing adoption, on the other hand, has been pressuring
Read more on cointelegraph.comAbout this in other media
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Will VanEck’s ETF rejection drag Bitcoin’s price below $60k ambcrypto.com /3 years ago
Traders look to ‘buy the dip’ after spot ETF rejection sends Bitcoin price to $62K cointelegraph.com /3 years ago
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