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BUZZ-COMMENT-Bitcoin looking for the next big trigger

Credit: REUTERS/Dado Ruvic

The Bitcoin market is looking for the next major driver of volatility as broader acceptance of cryptocurrencies continues to battle regulatory pressure, leaving the coin to play out sideways since late June.

July 6 (Reuters) - The Bitcoin market is looking for the next major driver of volatility as broader acceptance of cryptocurrencies continues to battle regulatory pressure, leaving the coin to play out sideways since late June.

A relatively stable period following the coin's steep decline from June 15's $41,341 to the June 22 year-to-date low of $28,600, despite bearish alarm bells going off on the charts.

Technically, the next big trigger points are at $28,600 and at $38,186, the 55-day moving average, which has defined the bear trend since May 12.

Excitement surrounded a technical pattern, a moving average death cross on June 19, but despite the extreme bearish nature of this signal the BTC maintained a mainly sideways bias.

Global regulatory crackdowns and mining energy concerns continue to lean on crypto activity. The latest news possibly adding weight to the market is that the IBC Group is to end bitcoin and ethereum mining in China, and move staff to UAE, Canada, USA, Kazakhstan, Iceland, and South America.

For more click on FXBUZ

Bitcoin daily chart: https://tmsnrt.rs/36hHnA5

(Peter Stoneham is a Reuters market analyst. The views expressed are his own)

((peter.stoneham@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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