Bitcoin Price is Bearish After UK Task Force Launch

Bitcoin Price could decline with new UK developments

Bitcoin’s price is turbulent for the second day in a row bouncing around the $9,000 level. Bitcoin is sub $9,000 at $8,400 according to CoinMarketCap. Bitcoin began its dip Sunday after the United Kingdom government launched its Crypto Assets Task Force.

The project is being launched as a part of the British Government’s strategy for fintech regulation. The project will help the UK,

“manage the risks around cryptoassets, as well as harnessing the potential benefits from the underlying technology.”

Bitcoin has been trading below the 50 – SMA line which has began a reverse downward trend. The price is testing the 37% FIB retracement level with a low of $8,000 and a high of $9,040. The current Bitcoin support price is $8,300.

 

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About Colton Reece 12 Articles
Litecoin miner and Bitcoin futures trader. Looking to share my knowledge with those who have yet to tackle the cryptocurrency universe. Currently covering cryptocurrency industry updates and major cryptocurrency news reporting at Altcoin Report.