After breaking the $25,000 mark by turning resistance into support, the bulls faced a major obstacle on their way to $30,000. Several times the bulls tried to break above $29K, but they fought poorly and BTC was down 1.3% for the week despite maintaining its strength between $27K and $28K.
In addition, Bybit’s analysis shared with Cointelegraph in Spain, indicates that the bull is dealing with selling pressure and resistance at $29,000 with a new wave of possible investigations by the Securities and Exchange Commission (SEC), which has issued. Warning that Coinbase, its role was earned, and Justin Sun, the founder of Tron, due to the allegations about the price, launched by some signs on the TRX blockchain.
The SEC also noted that all services purchased in the country must be released, as well as proof-of-concept protocols, placing Ethereum under the scrutiny of US regulators. The US regulator has also attacked the proof of support exchange (PoR), showing that it is a mechanism created to deceive investors, since it does not prove the liquidity of the platform.
To complete the bad mission in the US, the White House issued a document to condemn the cryptocurrency industry, saying that it effectively brought nothing good to the market. Investors and businessmen are starting to fear a hostile environment in the US for cryptocurrencies, which will undoubtedly affect the entire market as Americans are the biggest investors in crypto.
“However, during the week the bulls will continue with the same movement as last week: low volatility and tight trades in the $27,000 to $28,000 range. The total market share of the cryptocurrency, according to CoinMarketCap, fell 1% per week and is expected to remain in this range of values”, point out Bybit.
Bitcoin renewed its 9-month high at around $28K, and although it has pulled back over the past week, the bulls will likely wait to revisit this level later in the week.
According to the company’s analysis, another important fact is that, due to the increase in Bitcoin mining activity, a difficulty of 7% has arisen. His sales record was renewed at 46T. The average relay rate was 335 EH/s.
“Metrics are down more than 30% from the beginning of the year, meaning that miners are no longer selling their BTC and hoarding, increasing their mining potential, waiting for the next half year. Therefore, experts believe in a warm week for BTC with a possible 7-day low of $24,000 and a high of $29,000,” the analysis concludes.
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