Bitcoin price retreat for second consecutive trading session after the number one cryptocurrency rejected twice at the 50-day moving average. Bitcoin has returned today to the well-known trading zone between the 9,000 mark and the 50-day moving average, which drives BTCUSD for the last month as investors as looking for a catalyst that will initiate a new trend.
On the bitcoin institutionalization front, the government of Iran announced plans to tighten the control over the growing crypto mining sector and throw out illegal operators. From now, all crypto miners need to register their identity with the Ministry of Industry, Mines, and Trade. Crypto miners should also disclose the number and type of equipment used to mine the digital currencies. Crypto companies have one month to comply with the new law.
Most of the cryptocurrencies are on negative foot today with Ripple being the underperformer. Ripple (XRPUSD) is 2.72% lower at $0.1971. Ethereum (ETHUSD) is 1.47% lower at $238.27, Litecoin (LTCUSD) is 0.41% lower at $44.12, Lumen (XLMUSD) is 4.65% lower at $0.0862.
Bitcoin Technical Analysis
Bitcoin price is 0.74% lower at $9,164, as the positive momentum for bitcoin stalled at the 50-day moving average strong resistance that holds since the end of June. The technical picture is neutral for the short term, while a correction back to the 9,000 mark is possible. A credible break above the 500-day moving average might be the beginning of another leg higher to 9,500 mark.
On the downside, the initial support for bitcoin price stands at $9,053 the daily low. A break below $9,053, might test the 9,000 round figure support. If the sellers continue the selling pressure, then the next target will be met at $8,734 the 100-day moving average.
On the other hand, the first resistance for BTCUSD will be met at $9,238 the daily high. The next hurdle for Bitcoin stands at $9,372 the 50-day moving average. If Bitcoin breaks higher, then the next target stands at $9,650 the high from June 24th.