Bitcoin price clings to $22K as investors digest the recent SEC actions and CPI report
1 min read
After twenty days of holding the $22,500 support, Bitcoin (
Crypto traders are expecting further pressure from regulators
While Bitcoin’s 9% drop since the failed $24,000 resistance test on Feb. 2 seems discouraging, the overwhelming negative regulatory newsflow has caused professional traders to become risk averse.
At the same time, the traditional market looks for further data before adding bullish positions. For example, investors would rather wait until the U.S. FED displays conviction on the end of the interest rate increase movement.
Currently, the odds favor bears as regulatory uncertainty provides a favorable environment for fear, uncertainty and doubt — even if the news is unrelated to Bitcoin and focused on crypto exchanges and stablecoins.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
