Lorenzo Stroe
Independent Analyst
- Bitcoin had a significant crash and rejection right after touching $12,000 again.
- Police have seized Bithumb headquarters on charges of fraud.
-637346508937964428.png)
Bitcoin is facing a lot of selling pressure after another rejection from the crucial $12,000 level and the recent news from Korea. Bithumb, the largest cryptocurrency exchange in the country is facing fraud charges and its headquarters have been seized by police.
According to the Seoul Metropolitan Government, the search for seizure is related to suspicion of investment fraud related to the issuance of BXA token, which is a cryptocurrency, while Chairman Lee negotiated the sale of Bithumb with Kim Byung-gun (57), BK Group chairman in October 2018. BXA victims have claimed that Chairman Lee and others have inflicted damage by not actually listing even though they pre-sell 30 billion won in the name of listing BXA on Bithumb.
Bitcoin is struggling to beat $12,000
It seems that this new resistance area is similar to the $10,000 level where Bitcoin spent more than two months. Bitcoin bulls had a few fakeouts back then as well which indicates that the current situation is similar.
$BTC #BITCOIN
— Crypto Michaël (@CryptoMichNL) September 2, 2020
As discussed in the recent video update, the crucial area to hold is approaching.
The $12,000 level has been my area for resistance and we've hit and rejected.
Now I'd like to see $11,575-11,675 hold for support, through which continuation of the range is likely. pic.twitter.com/PZUcsMOBYf
Unfortunately, technical analysis is less effective due to the news from Bithumb.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.