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It’s been another week of ups and downs for Bitcoin but overall the larger bearish trend has continued. No new highs have been registered and there is a support level that has had a couple of tests and could be seen again if the downward momentum continues.
That support lies at 9150, which was touched on the 17th of January. If selling continues and it’s broken, then a further down move to 8400 could also materialise.
Trading expert David Jones also discusses the latest news from South Korea where authorities have clarified their requirements for trading bitcoin and cryptocurrencies in general. They won’t be banning it altogether but rather require that everyone trading it share their identity. The move is aimed at curbing illegal activities. As of today South Korea is the third largest cryptocurrency market after the U.S. and Japan.