Bitcoin market update: BTC/USD grinding closer to $11,000 despite Facebook’s Libra regulatory challenges
|- Bitcoin bulls return as the price grows 7% on the day; further growth is imminent.
- Facebook has a two-day hearing in the U.S. Congress on July 16 and July 17 regarding Libra.
Bitcoin has continued to appreciate in value on Monday. This is recovery follows the declines that have been extensively covered by FXStreet. The break above $10,400 paved the way for correction to higher levels. Moreover, at press time, the intraday charts show BTC/USD trending 7% higher on the day.
While trading at $10,914, the price is moving closer towards $11,000. Technical levels point towards further growth in the short-term. The Relative Strength Index (RSI) has entered the overbought region for the first time since Friday last week. The momentum is also emphasized by the Moving Average Convergence Divergence (MACD) is almost crossing into the positive level to show that the bulls are gaining traction.
A break above $11,000 is likely to open the door towards $12,000. On the downside, $10,800 is establishing as the short-term support. Other key support areas include $10,400, $10,000 and $9,800.
BTC/USD 15-mins chart
In other news, Facebook’s Libra is still facing criticism from regulators who are seeking to understand its scope. The latest comments come from the U.S. Treasury which says that Facebook will have to clear the concerns regarding privacy. Moreover, Facebook has a two-day hearing in the U.S. Congress on July 16 and July 17.
Read more on Libra and its regulation hurdles here:
b. Libra won’t launch until regulatory concerns and approvals are "fully addressed"
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.