HelenRush

Bitcoin struggles to regain bullish traction

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin tried to stage a recovery but faced another major hurdle. In particular, South Korea signaled a possibility of a shutdown of local cryptocurrency exchanges. The government is planning to introduce new regulation which may include the prohibition of anonymous trading accounts operating in the country. Considering that South Korea accounts for nearly one-fifth trading volume in bitcoin , a crackdown on the local industry, if implemented, may dampen the sentiment around the cryptocurrency quite severely.
Moreover, the UK adds fuel to the fire. CEO of London Block Exchange said that cryptocurrency shouldn’t be exempt from tax liability. If the country really imposes taxes on bitcoin profits similar to the ones that stock investors pay, it will be another blow the digital asset as this step will curb the appeal of bitcoin which is now often uses as a tool for tax evasion. These are the risks for the digital currency in the longer term.
The price failed to accelerate higher and regain the $15,000 mark overnight. In the short-term, the currency needs to recover above the $15,700 area in order to alleviate the immediate bearish pressure. The key local resistance is the $16,500 mark, where the price was rejected two days ago. The initial bullish target is now the $14,000 level.
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