Bitcoin has always experienced volatility but has managed to stand strong despite being scrutinized by some of the prominent global decision makers and leaders at Davos. While the United Kingdom’s Prime Minister Theresa May has indicated that an action must be taken against cryptocurrencies, the country’s Chancellor Philip Hammond suggested that some caution must

be exercised in order to keep cryptocurrency under scrutiny. Apart from this, the governor of the Central Bank of Nigeria has also reiterated that investing in virtual crypto coins or cryptocurrencies is much like gambling.

South Korea

However, things were completely different when the regulators in South Korea came up with suggestions against cryptocurrency in 2017. It must be noted that in the month of December, the government officials in South Korea stated that they were considering options for clamping down on cryptocurrency speculation. In fact, South Korea’s government was thinking of shutting down some of the crypto exchanges. This resulted in a drop in the BTC prices, the virtual currency dropped down by almost fifty percent after registering a record high figure of $19,511 set during the month of November.  The drop also came about in light of the fact that South Korea is the hub of BTC trading across the globe. The digital currency trades almost at a thirty percent higher price in South Korea.

However, despite the strong views and opinions from the world leaders, Bitcoin continued to remain strong in the last couple of days. Although, presently Bitcoin is seeking some sort of a direction as the range of trading continues to narrow down further.

Bitcoin prices soared

On Wednesday, Bitcoin prices soared higher to touch the $11,711 level. In fact, traders were hoping that the BTC prices would go beyond $12,000 level but contrary to their expectations, the price dropped to $10,889. In fact, the digital currency did try to get back to its original higher position but was rejected at the $11,608 level in the Asian market on Thursday.

After failing to make the most of the bull reversal trend on Wednesday, the cryptocurrency dropped to its 3-day low price to reach $10,321 on Thursday. According to the financial experts at Platinum Crypto Academy, when the BTC price either breaks up or down, it would further set up the stage for another big move. The experts further indicated that BTC has been witnessing a sell-off after registering higher figures of $20,000 and may now narrow down further to end up with another major move downwards. This move may also result in BTC prices sliding down to lower levels at $5,232.

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Market Sentiment for Bitcoin

Cryptocurrency trading experts are also of the opinion that any drop below $10,000 must be taken into account with a lot of caution. As far as BTC is concerned, it has continued to stick to levels above $10,000. In fact, the virtual currency has easily been avoiding a daily closing level below the $10,391 mark. However, there’s a definite risk that the BTC may face bidding anywhere in the range of $9,000-$10,000. On the other hand, a bullish trend may result in an upside breaking and push the BTC demand higher. If that happens, BTC may encounter resistance at around $13,000 as well as $14,622.

Hopefully, you have enjoyed today’s article. Thanks for reading!

Have a fantastic day!

Richard Baker

Live from the Platinum Crypto Trading Floor.

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