The crypto-currency market is in the red. The force of Bulls is not enough

During today’s trading, the price of most of the major crypto-currencies, including bitcoin, went down due to the message that the UK will create a working group to study the risks and benefits of digital currencies. The working group will consist of representatives of the Bank of England and the Office of Financial Regulation and Supervision. The main goal of the group will be to study a number of advantages and risks of the crypto-currencies .

Technically analysis: On the chart of H1, the bitcoin price broke through the support of the rising channel, but it is still too early to speak about the reversal of the short-term trend. The main support levels are $ 8,400.00, $ 8,200.00, $ 8,000.00. If the price returns to the channel and is fixed above $ 8,750.00, one should expect further growth of the bitcoin price to $ 9,000.00, $ 9,200.00.

Fig. BTC/USD. The current price is $ 8,362.060.

Alexander Sivtsov