Bitcoin was on a bearish mood for the past week after a number of negative headlines. Media suggested that the Securities and Exchange Commission wants additional cryptocurrency plattforms to be registered and subject to additional regulatory rules. On other news, Japan decided to push the cryptocurrency money laundering rules as an issue in the G20 agenda. Also, Google announced that it will ban cryptocurrency and initial coin offerings advertisement form June on. On the bright side, Coinbase seems to be striking a deal with Barclay’s about opening an account. Any further headlines about further regulation could weaken the crypto-currency.
Bitcoin has been trading in a sideways manner since Thursday, well between the 8650 resistance line and the 7425 support line. Please note that the pair has broken the downward trend line incepted since the 6th of March, strengthening technically the case for further sideways movement in the next couple of days. Should the bulls gain the upper hand on Bitcoin we could see it breaking the 8650 resistance line. Should the bears take the reins we could see the cryptocurrency breaking the 7425 support line.