Categories: Market Overview

Bitcoin Price’s Sub-$11,000 Drop Isn’t Spooking Bullish Long-Term Traders

Since July 10, the bitcoin price has dropped from $13,200 to below $11,000 within less than a week as the crypto market saw a minor correction. In a sharp pullback, the price of the dominant crypto asset slipped by more than 16.6 percent, leading the rest of the crypto market to lose its valuation relatively quickly in a short time frame.

Despite its recent correction, if the bitcoin price stays below the $11,000 level in the upcoming days, which has acted as an important support level for the asset, some traders expect the short term trend to turn bearish.

The sentiment around bitcoin and the crypto market, in general, remains mixed. Many investors have interpreted the statements of U.S. President Trump and Treasury Secretary Steve Mnuchin in varying ways. As CCN reported on July 15, in an official briefing hosted at the White House, Secretary Mnuchin stated that FinCEN and other relevant financial authorities will tighten their oversight on the crypto sector.

Mnuchin said: “The United States has been at the forefront of regulating entities that provide cryptocurrency. We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities.” “Treasury has been very clear to Facebook, to bitcoin users and other providers of digital financial services that they must implement the same anti-money laundering and countering financing of terrorism, known AMLCFT safeguards as traditional financial institutions.”

Bitcoin Price’s Sub-$11,000 Drop Isn’t Spooking Bullish Long-Term Traders, CCN, Jul 16
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: Bitcoinbtc

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

2 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

2 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

3 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

3 days ago

This website uses cookies