Bitcoin barely hangs on to $6,000

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin price keeps above the $6,000 threshold since the start of the week. However, the coin has been trading with a bearish bias recently, unable to regain the upside impetus amid concerns over regulation in Japan.

Amid the regulatory crackdown, crypto exchange Huobi Pro decided to suspend operations in Japan, citing some compliance issues with the Japanese law. The exchange failed to register with the Financial Services Agency and had to leave the Japanese market. Meanwhile, Facebook has decided to drop its ban on cryptocurrency advertising, which has somehow limited the downside pressure on digital currencies.

BTCUSD still lacks drivers to attract buying interest, with the immediate risks continue to point to the downside. The key support comes at $6,000 as a break below will open the way to early-February lows around $5,700 registered on Sunday. On the upside, the $6,400 area remains the main short-term obstacle for bulls.


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