RATE Group | Bitcoin Price Loses Momentum As Russia Plans To Ban Cryptocurrencies
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Bitcoin Price Loses Momentum As Russia Plans To Ban Cryptocurrencies

22 May Bitcoin Price Loses Momentum As Russia Plans To Ban Cryptocurrencies

Posted at 18:45h in Cryptocurrency News by

Bitcoin price rebounds from Asian session losses as the number one attempts to recover the sharp two day losses. Bitcoin rejected for one more time at the 10,000 mark as we have discussed in our previous analysis “Bitcoin Price Upside Capped At $10,000” as the 10,000 proves a very strong resistance. 

Traders dumped bitcoin below the 10,000 mark, while the rejection accelerated the sell-off and on Wednesday the price after a flash crush dropped down to 9,000. Yesterday, bitcoin price breached below the 9,000 and the pullback stalled at 8,800. It is clear for now that Bitcoin bulls need more steam to break above the 10,000 area.  

Russia Plans To Ban Cryptocurrencies?

Some traders believe that the recent pressure in bitcoin comes from news reports that the Russian parliament is considering banning any cryptocurrency usage inside Russia by introducing new legislation. If the law passes then, the local digital asset investors could face fines and even jail time. The law…

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