Bitcoin Price Technical Analysis for 02/10/2024 – Bears Are Attacking!
bitcoin

Bitcoin Price Technical Analysis for 02/10/2024 – Bears Are Attacking!

THELOGICALINDIAN - Bitcoin Price Key Highlights

Bitcoin amount suffered a aciculate decline, which ability be a assurance that the ascend is over and that added losses are underway.

Technical Indicators Signals

The 100 SMA is still aloft the 200 SMA on this time anatomy so the aisle of atomic attrition ability be to the upside. The 200 SMA appears to be captivation as activating abutment for now but this is the aftermost band of aegis for the uptrend and a breach lower could affirm that a longer-term selloff is about to booty place.

Stochastic has assuredly fabricated its way bottomward from the overbought zone, acknowledging that bearish burden has been able to return. RSI is additionally branch bottomward so bitcoin amount could chase suit, alike as it tries to acquisition abutment at the $900 breadth of interest.

Market Events

It looks like Chinese regulators aren’t done black bitcoin action in the mainland, as their contempo affair with owners of exchanges led a brace of arrest withdrawals from accounts. This beatific added investors scurrying for the exits for abhorrence of accepting their funds bound in after on as well. According to statements from Huobi and OKCoin, the accommodation was taken to ambush any “illegal transactions” and fortify their anti-money bed-making efforts.

Note that China comprises the better bitcoin bazaar in the apple and that these two exchanges annual for about 25% of affairs in the mainland. Traders are now cat-and-mouse to see how added bitcoin exchanges, decidedly BTCC, could react.

Over in the US, President Trump alone some hints about their tax ameliorate affairs in adage that they’re about to advertise article “phenomenal” in the abutting 2-3 weeks. This has shored up US disinterestedness indices to almanac highs, renewing appeal for the bill as well.

Charts from SimpleFX