Bitcoin price analysis: BTC/USD smashes $7,400 support as US Justices Department investigates Bitcoin price manipulations
The rebound was short-lived as cryptocurrency market is in red again. Bitcoin, the most popular digital coin, dropped below $7,400 handle during early European hours and continued to move down forcefully, threatening to take out the next psychological handle at $7,300.
Meanwhile, Bloomberg reports that Justices Department has opened a criminal probe to investigate possible manipulations with Bitcoin prices. This is just another evidence of regulatory scrutiny and desire to cool-off the red-hot market plagued by misconduct, scammers and bad actors. The investigation is focused on bad practices that might be applied with the aim to manipulate the price, including spoofing, the agency reports.
Bitcoin's technical picture
Looking more broadly, on a daily chart BTC/USD stays firmly below $7,683 (23.6% Fibo), which puts $7000 handle back in focus. If this critical support is broken, the price will go down to $6,483. On the upside, a return above $8,000 is a must for an extended recovery towards $8,420/50.
✅ @crypto34, I gave you an upvote on your first post! Please give me a follow and I will give you a follow in return!
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No big deal actually I look at this as opportunity let it slide a bit lower see people worry but it's a part of the game
Yeah I heard about a lot of people doing that, China is trying to take some of the ones overseas making fake crypto maybe this is the cause. I call cryptofeit
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