200 hour MA at $15023. South Korea reviewing of accounts for potential laundering cited.
The price of bitcoin is trading at session lows (at $14700).
The cryptocurrency rose over the weekend but stalled near the Dec 21 swing high (at $17281). The high on Bitstamp reached $17234 before turning around and starting the fall lower.
Today, the price moved below the 100 hour MA at $15997 (blue line), and the buyers started to sell out. Last week the pair based against both the 100 and 200 hour MAs. That started the rally higher.
The 200 hour MA will now be a risk/bias levels for traders. Stay below is more bearish. Move above and the traders in the digital currency, may look to get back long (with the 100 hour MA confirming the change in bias).
The drop today is being attributed to South Korea reviewing accounts at six local banks that offer digital currency accounts to institutions. They are concerned about money laundering.
In related bitcoin news, Gain Capital today announced the launch of bicoin trading in Australia and Singapore. They also plan to complete the global rollout of bitcoin trading in coming months including offering to customers in Asia and the United States. They plan to expand its crypto currency offerings to include Ethereum. The share price has spiked as much as 15.7% in premarket trading.
