Bitcoin breaks $20,000 despite a positive NFP reading. The $22,000 level remains as key psychological resistance. Will a break of technical resistance allow BTC/USD to climb higher?
While this doesn’t seem to be that bad, it is important to remember that regulatory scrutiny has been an ongoing issue for some time as the ‘value’ of the individual coins or tokens remains a contentious topic.
But, although regulators have imposed certain regulations, there has still been some ‘wiggle room’ for exchanges. Now, looking back on the events building up to the 2008 Financial Crisis when hedge funds and other financial institutions used Mortgage Backed Securities as way to secure a greater portion of the real-estate market, lack of regulations allowed Financial institutions to make use of leverage in hopes of making larger profits.
From a weekly time-frame, Bitcoin prices have edged above the 88% Fib of the March – June move, finding stability above the $20,000 handle. A break above could give rise to $22,000 with additional resistance holding at $24,000.
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