As for Bitcoin, there is still no clear fundamental story as to the recent movement of Bitcoin however media mentioned that a possible reason about the recent drop is that, since yesterday, Coinbase exchange platform is also offering Bitcoin cash to potential investors. On other news Indian authorities are weighing how to regulate cryptocurrencies and in general the international stand as presented in the press recently for Bitcoin, seems to split into roughly three categories:
o The ones that embrace it such as Japan and North Korea,
o The ones which still seem uncertain such as the US and UK,
o The ones which issue warnings such as the Europeans and Singapore recently did.
In the meanwhile Bitcoin dropped somewhat yesterday, breaking the 15580 dollar support zone briefly only to regain any losses and continue to trade below the 17000 resistance level and above the aforementioned support level. It should be noted that the cryptocurrency rose above the 200 hour moving average but not above the 100 hour moving average. Should the bears take the driver’s seat bitcoin could break the 15580 support level again and aim for the 14000 support zone. Should the bulls take the reins again the pair could break the 17000 resistance level and aim for the 19500 resistance territory.