{"id":109854,"date":"2019-07-15T17:56:58","date_gmt":"2019-07-16T00:56:58","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=109854"},"modified":"2020-03-24T07:01:21","modified_gmt":"2020-03-24T07:01:21","slug":"us-regulation-against-bitcoin-could-be-the-catalyst-for-the-next-upswing","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/us-regulation-against-bitcoin-could-be-the-catalyst-for-the-next-upswing\/","title":{"rendered":"US regulation against Bitcoin could be the catalyst for the next upswing"},"content":{"rendered":"<p class=\"c3\"><span class=\"c4\">In a recent\u00a0<\/span><span class=\"c1\"><a class=\"c6\" href=\"https:\/\/cryptoslate.com\/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation\/\">briefing<\/a><\/span><span class=\"c4\">\u00a0held by the\u00a0<\/span><span class=\"c4\">U.S. Secretary of the Treasury Steven Mnuchin, the U.S. government revealed its stance on cryptocurrencies and the efforts it will carry upon to regulate\u00a0<\/span><span class=\"c1\"><a class=\"c6\" href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a><\/span><span class=\"c0\">\u00a0because of its use in criminal activity and the threat it poses to the financial system.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cThis is indeed a national security issue,\u201d Sec. Mnuchin said on the need for more regulation in the crypto space. \u201cWe will not allow digital asset service providers to operate in the shadows.\u201d <a href=\"https:\/\/t.co\/03CEzStDZE\">https:\/\/t.co\/03CEzStDZE<\/a> <a href=\"https:\/\/t.co\/zykiOLkm96\">pic.twitter.com\/zykiOLkm96<\/a><\/p>\n<p>&mdash; Bloomberg Crypto (@crypto) <a href=\"https:\/\/twitter.com\/crypto\/status\/1150835143608717312?ref_src=twsrc%5Etfw\">July 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"c3\"><span class=\"c4\">Yet\u00a0<\/span><span class=\"c0\">BTC surged 4.5 percent after the statements were made by the U.S. government official, which according to the head analyst at Fundstrat Global <a href=\"https:\/\/cryptoslate.com\/people\/thomas-lee\/\">Thomas Lee<\/a>, could be a sign of confidence about the underlying fundamentals behind BTC that allow it to function in a decentralized way without the need of regulatory oversight.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin seems comfortable with statements made by <a href=\"https:\/\/twitter.com\/hashtag\/Mnuchin?src=hash&ref_src=twsrc%5Etfw\">#Mnuchin<\/a> regarding Crypto and KYC\/AML. <\/p>\n<p>&#8211; White House wants fair ground rules but does not seem intent on further action at this time. <\/p>\n<p>&#8211; <a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a> rise shows market comfortable with this<\/p>\n<p>Cc: \u2066<a href=\"https:\/\/twitter.com\/stevenmnuchin1?ref_src=twsrc%5Etfw\">@stevenmnuchin1<\/a>\u2069 <a href=\"https:\/\/t.co\/muHV1RFoxK\">pic.twitter.com\/muHV1RFoxK<\/a><\/p>\n<p>&mdash; Thomas Lee (@fundstrat) <a href=\"https:\/\/twitter.com\/fundstrat\/status\/1150835851154350080?ref_src=twsrc%5Etfw\">July 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"c3\"><span class=\"c0\">Although the news comes at a time when \u00a0Bitcoin has retraced 25 percent from the high of $13,200 on July 10, it could be the catalyst for a further upward advance.<\/span><\/p>\n<h2 id=\"h.g2mqiqu5fi67\" class=\"c2\"><span class=\"c7\">Bitcoin Technical Analysis<\/span><\/h2>\n<p class=\"c3\"><span class=\"c4\">As it was\u00a0<\/span><span class=\"c1\"><a class=\"c6\" href=\"https:\/\/cryptoslate.com\/bitcoin-long-term-trend-bullish-short-term-not-so\/\">foreseen<\/a><\/span><span class=\"c0\">, the break below the 23.6 percent Fibonacci retracement zone on the 3-day chart led to a drop-down to the 38.2 percent Fibonacci retracement level and the support trendline, which are both acting as barriers containing the price of Bitcoin from continuing depreciating due to the high concentration of demand around this area.<\/span><\/p>\n<p class=\"c3\"><span class=\"c0\">Even though these two major support clusters could be able to hold and bounce off BTC\u2019s market valuation back to the 23.6 percent Fibonacci retracement point or higher, moving below them could take this cryptocurrency to the next level of support around $8,500 and $7,240.<\/span><\/p>\n<figure style=\"width: 1035px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/HCW2D7ipgjCKjPcumwlU1HHvd-cW5Sx6Uvv7cE_QzOvbCrWbf0LFT5Wr0eNE4d3E0a2bP_fUyOCs8fh8PJovZrEDJUfxIzrbQF_WiWObGLo3AF-ktZ37XvdRZq_zeDtIhtE7TWVC\" alt=\"bitcoin price\" width=\"1035\" height=\"568\" \/><figcaption class=\"wp-caption-text\">TradingView: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTC\/USD<\/a><\/figcaption><\/figure>\n<p class=\"c3\"><span class=\"c0\">A similar scenario is presented on the 1-day chart where an ascending parallel channel has been developing since mid-December 2018.<\/span><\/p>\n<p class=\"c3\"><span class=\"c0\">Now that Bitcoin reached the bottom of the channel, a rebound to the middle or even the top of the channel could be expected. However, due to the longevity of this ascending parallel channel a break below it could accelerate the selling pressure behind BTC significantly dropping its price down to at least the 50 percent Fibonacci retracement level as it can be seen in the 3-day chart.<\/span><\/p>\n<figure style=\"width: 1035px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/6sCPodIXOdDh2_uXWk8Iz0v5ZauMt2y3PblmjjzB5lHCxf1heM_MO81vV4ovAvmU8trDXdt7_D4XF3rYVuMCqRAYk9KwSfbYzxhnmE2eqt8Q6x79kAYUEXjkiVZF5QjnNSybnkWi\" alt=\"BTC price\" width=\"1035\" height=\"568\" \/><figcaption class=\"wp-caption-text\">TradingView: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTC\/USD<\/a><\/figcaption><\/figure>\n<h2 id=\"h.q4mdxkb38b1i\" class=\"c2\"><span class=\"c7\">Overall Sentiment<\/span><\/h2>\n<p class=\"c3\"><span class=\"c4\">Despite the sharp downturn that Bitcoin experienced over the last week that took many analysts by surprise including\u00a0<a href=\"https:\/\/cryptoslate.com\/people\/tone-vays\/\">Tone Vays<\/a> who\u00a0<\/span><span class=\"c1\"><a class=\"c6\" href=\"https:\/\/twitter.com\/tonevays\/status\/1149053184259887104?s=21\">turned<\/a><\/span><span class=\"c0\">\u00a0bearish less than 24 hours after becoming bullish, there are multiple signs that could be predicting a rebound to previous or even new highs.<\/span><\/p>\n<figure id=\"attachment_109712\" aria-describedby=\"caption-attachment-109712\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/cryptoslate.com\/donald-trump-bitcoin-not-money-value-thin-air-unlawful\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-109712\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/donald-trump-bitcoin-social-300x158.jpg\" alt=\"Donald Trump: Bitcoin not money, value based on thin air, facilitates unlawful behavior\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/donald-trump-bitcoin-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/donald-trump-bitcoin-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/donald-trump-bitcoin-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/donald-trump-bitcoin-social.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-109712\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/donald-trump-bitcoin-not-money-value-thin-air-unlawful\">Donald Trump: Bitcoin not money, value based on thin air, facilitates unlawful behavior<\/a><\/figcaption><\/figure>\n<p class=\"c3\"><span class=\"c4\">The criticism that Bitcoin has faced in the last few days following President Trump\u2019s\u00a0<\/span><a href=\"https:\/\/cryptoslate.com\/donald-trump-bitcoin-not-money-value-thin-air-unlawful\"><span class=\"c1\">derisive tweet<\/span><\/a><span class=\"c0\">\u00a0about it does not seem to affect the potential this cryptocurrency has and could represent a pivot point since more Americans will become aware of its existence. As it can be seen on the 3-day chart as well as in the 1-day chart everything seems to point out that BTC could soon regain at least 20 percent of its value within the next few days.<\/span><\/p>\n<p class=\"c3\"><span class=\"c0\">Regardless, investors must pay close attention to the 38.2 percent Fibonacci retracement level because if it fails to hold the price of this cryptocurrency it may take it back to $8,500 or lower. \u00a0<\/span><\/p>\n<p class=\"c3\"><span class=\"c0\">It is worth noting that even with the few corrections that Bitcoin has gone through since it started surging in early February, in the long-term this cryptocurrency remains bullish. In the 1-month chart, for instance, the MACD recently had a bullish crossover, the Parabolic SAR positioned itself below the price of BTC, and the TD Sequential Indicator is on a green five out of nine. Thus, traders must be aware that trading against the bigger trend poses an extreme risk.<\/span><\/p>\n<figure style=\"width: 1035px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/kVjGV4m6ddZBzJyIwJkB6Fx7w5EuO6BnuIK25Pwl2nn7-Krw9le3upsKmya20c1G8xGxsfjq_xQoPdpAE5IhGj5rPcxjkyCVvNoAELknak6Gu6I7QxO3k71tM2dwBNtQE2cdBcZJ\" alt=\"TradingView: BTC\/USD\" width=\"1035\" height=\"568\" \/><figcaption class=\"wp-caption-text\">TradingView: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTC\/USD<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In a recent\u00a0briefing\u00a0held by the\u00a0U.S. Secretary of the Treasury Steven Mnuchin, the U.S. government revealed its stance on cryptocurrencies and the efforts it will carry upon to regulate\u00a0Bitcoin\u00a0because of its use in criminal activity and the threat it poses to the financial system. \u201cThis is indeed a national security issue,\u201d Sec. Mnuchin said on the [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":109860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60209,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US regulation against Bitcoin could be the catalyst for the next upswing<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/us-regulation-against-bitcoin-could-be-the-catalyst-for-the-next-upswing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US regulation against Bitcoin could be the catalyst for the next upswing\" \/>\n<meta property=\"og:description\" content=\"In a recent\u00a0briefing\u00a0held by the\u00a0U.S. Secretary of the Treasury Steven Mnuchin, the U.S. government revealed its stance on cryptocurrencies and the efforts it will carry upon to regulate\u00a0Bitcoin\u00a0because of its use in criminal activity and the threat it poses to the financial system. \u201cThis is indeed a national security issue,\u201d Sec. 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