BTC Price Remains Unstable Above $38K as Bitcoin Pushes Above $39K– March 12, 2022
For the past 48 hours, BTC/USD has been fluctuating between $38,200 and $40,200 as Bitcoin pushes above $39K. Today, the cryptocurrency is trading marginally with the appearance of small body candlesticks. The small indecisive candlesticks are responsible for the slow price movement. Bitcoin is trading at $39,151 as of press time.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
The largest cryptocurrency is in a downward correction and below the moving averages. BTC price is rising to retest or break above the moving averages. On the upside, a break above the moving averages will catapult Bitcoin above the $42,000 high. The bullish momentum will propel Bitcoin to revisit the $45,000 overhead resistance. Today, if BTC’s price faces rejection at the moving averages, the market will decline to the low of $37,000. Nonetheless, If Bitcoin loses the $37,000 support; the market will further decline to the lower region of $36,000 or $34,000 price level.
Non-registered ATMS Are To Be Closed Down in the UK
The financial watchdog in the U.K. has indicated that all non-registered ATMs must be closed down or be subject to undisclosed additional action. Financial Conduct Authority (FCA) has indicated a lack of regulatory structure on the presence of Bitcoin (BTC) ATMs within the island country. According to the Financial watchdog: “We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.” The current enforcement on the closure of ATMs is due to a lack of regulatory structure, a high-risk potential of fluctuating assets, and the importance of upholding the Money Laundering Regulations (MLR).
Meanwhile, in the last 48 hours, BTC’s price has been trading marginally as Bitcoin pushes above $39K. The price movement is insignificant. The price action is characterized by small indecisive candlesticks which are responsible for the current range-bound move. The presence of these candlesticks indicates that buyers and sellers are undecided about the direction of the market.
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