Bitcoin’s (BTC) quick run-up above $40,000 during the early New York trading session Thursday lost momentum midway as traders decided to secure short-term profits.
The benchmark cryptocurrency shed up to 12.08% after topping out at $40,440 on Coinbase. It reached an intraday low of $36,410 ahead of the London opening bell on Friday, showcasing upside resilience among traders near the $40,000-level.
Bitcoin price pulls back after testing its 200-day simple MA. Source: TradingViewTechnicals and looming regulations
Concerns about stricter crypto market regulations created headwinds for an otherwise choppy but solid Bitcoin price recovery.
In retrospect, the BTC/USD exchange rate had crashed to $30,000 on May 19 after news of China’s ban on crypto transactions hit the wire.
In the same week, U.S. President Joe Biden’s administration targeted regional crypto investors by making it mandatory to report transactions over $10,000 to the Internal Revenue Service, creating more downside pressure on Bitcoin and similar digital assets.
So in a time period of 2 weeks @elonmusk