The crypto market has significantly decreased in the past week, after bitcoin reached three-month lows below $6,000 and since is licking its wounds. A sort of stabilization may attract new buyers and send the digital currency higher on the back speculations among the crypto-enthusiasts on longer-term prospects of bitcoin .
However, following the recent spectacular roller-coaster ride and amid the continuing regulatory challenges, investors’ behavior will likely be more careful, suggesting the upside potential is limited in the short-term. Besides, any sign of another regulatory crackdown could prompt traders to sell the asset amid fears that the price may reach fresh lows. The short-term technical outlook will improve further, should bitcoin overcome the $9,150 level with the next target at $10,000.