Bitcoin Downtrend Continues – Can Trendline Boost Bounce-off? –

  • Bitcoin trades faster at 47,819 levels, gaining immediate support at the 47,000 level.
  • The recent decline in the value of Bitcoin may be due to the fact that Turkey controls Bitcoin.
  • Iranian officials have banned Bitcoin For the time being And Crypto Mining, after being accused of causing power outages in late May
Of BTC / USD It reached a high of $ 50,710.0 and a low of $ 47,339.0, ending the day at $ 47,554.0. BTC / USD fell for the second time in a row on Tuesday, reaching its lowest level since December 21.

The recent decline in the value of Bitcoin may be due to the fact that Turkey controls Bitcoin. The Turkish lira is currently experiencing a severe downturn, and the country’s laws have chosen to restrict the growth of the crypto business. President Recep Tayyip Erdogan has promised that the Turkish government will guarantee savers.

The Turkish government has also imposed sanctions on Japan-based cryptocurrency exchange Binance with offices in the United States and several other countries around the world. The Erdogan government has fined Binance 8 million lira ($ 750,000) for violating the country’s laws.

According to Turkish newspaper NTV, President Erdogan’s cabinet has passed legislation to control bitcoin and other secret currencies. Erdogan called for the bill to be tabled in parliament as soon as possible. Over the past decade, the Turkish lira has lost almost 85 percent of its value, and Turkey is now trying to float its currency again. Turkish citizens are using bitcoin to protect themselves from inflation in order to save themselves from the financial crisis. As a result, Erdogan declared war on Bitcoin, and the recent Bitcoin limit put a strain on it BTC / USD Tuesday.

In addition, recent orders from Iranian officials to local cryptocurrency miners have led to a temporary shutdown in the winter months due to a shortage of electricity for Bitcoin. Iranian officials have taken similar action for the second time this year, following similar actions in May and September.

Iranian officials have temporarily suspended the mining of bitcoin and cryptocurrencies following allegations of power outages in late May. During the winter, energy consumption reached a new high and the local Ministry of Energy ordered the miners to suspend their work. This news sent Bitcoin down on Tuesday, adding to a sharp drop in cryptocurrency.

Bitcoin - BTC / USD chart
Daily technical standards

Support resistance

4,6358.6 4,9729.6

4,5163.3 5,1905.3

4,2987.6 5,3100.6

Pillar point pick 4,8534.3

Trading in Bitcoin is gaining momentum at 47,819 levels, and at 47,000 levels. Rest below this level exposes BTC / USD Price to 45,800 level. In terms of energy, the immediate resistance to Bitcoin remains at 48,114. A move of 48,115 puts Bitcoin at 49,950 and 51,745 levels. RSI and Stoch RSI are describing sales bias, so, we should consider looking for sales of less than 47,000 and vice versa. good for you!


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