The Bitcoin price is under pressure as the new Comptroller of Currency (OCC) head signaled that more cryptocurrency regulations were on the way. BTC price declined to $34,623, which was below the weekend high of $36,428.
Bitcoin regulation: In an interview with the Financial Times, Michael Hsu, the new Office of Comptroller of Currency (OCC) said that the agency would abandon Trump’s light touch regulatory measures in favour of tougher regulations.
He said that his peers were coming up with measures to regulate the industry. Other agencies looking at the matter are the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).
The issue will be more pronounced as the number of ransomware attacks increase. In May, a major pipeline that transports more than 3 million barrels of oil every day was hacked. Other attacks are increasing, according to a study by Microsoft. Therefore, the industry could be regulated further to prevent such attacks.
Bitcoin price prediction
The BTC price has struggled in May. Almost two weeks ago, the price declined briefly below $30,000. It then bounced back and surged to above $40,000 last week. It then erased some of these gains and is now trading at $34,545. Additionally, has also movec below the descending trendline that is shown in red. It has also declined below the 25-day and 15-day exponential moving averages (EMA).
Most importantly, the currency seems to be forming an inverted head and shoulders pattern, which is usually a bullish signal. Therefore, there is a possibility that it will bounce back and retest the important resistance at $40,910. However, a drop below the support at $33,380 will invalidate this prediction.
BTC price chart
Follow Crispus on Twitter.