Regulatory talks are weighing down on Bitcoin today

Author: Justin Low | Category: News

Talks about China clamping down on cryptocurrencies as well as continued news from South Korea are putting a dent on things

From Coinbase's price, Bitcoin is down more than 6% on the day - with lows touching below $13,000 at one point this morning. Yesterday, there were reports saying that China are believed to be escalating measures to crackdown cryptocurrency exchanges and this morning more South Korea headlines on banning such exchanges popped up as well.

The news has done little to help Bitcoin in trying to rebound from recent declines. Sellers are still in control as once again, prices fall below the 100-hour MA after attempting to break above it as well as the 200-hour MA yesterday.

But as I highlighted here last week as well, around the $12,500 is where we see some strong support in Bitcoin prices - and that's been holding since end of December up until now. Today will prove to be another tug of war again, and buyers will need to hold onto this level otherwise a break to the downside here could turn ugly.

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