Bitcoin Price Predictions Turn Bearish As US Forms Crypto Tracing Task Force

Bitcoin prices have edged lower this Thursday, putting more pressure on the current support as the US government announces new crypto tracing program that will pay out $10m in bounty. 

The US government plans to conduct extensive tracing of cryptocurrency ransoms paid to ransomware hackers, with a reward of $10m for leads or information on them. A task force composed of personnel from the Treasury Department’s Financial Crimes Enforcement Network (FINCEN) and the State Department will also work with foreign countries where these hackers seek refuge.

This action follows the 4 July attack on 200 US firms by a ransomware group thought to be linked to Russia, with one of the companies allegedly paying $11 million in ransom. Bitcoin prices responded negatively to the announcement and is down 2.89%.

Technical Outlook for BTC/USD

The bearish Bitcoin price prediction outlook, which sees BTC/USD falling to 24,000, could play out if the current support formed by the flag’s lower border is breached. This action would open the door to 30208 and 27796 before 24055 comes into the picture as additional support.

On the flip side, a bounce from this border allows the BTC/USD to aim for 35297, with 37455 and 40751 serving as additional upside targets. 

Don’t miss a beat! Follow us on Telegram and Twitter.

BTC/USD Daily Chart

Follow Eno on Twitter.

Related Posts: