Bitcoin price forming a bearish flag pattern as UK launches 'Crypto Task Force'
- The new task force will help U.K. mitigate the cryptocurrency related risks.
- The MACD is moving to the negative confirming the increasing selling pressure.
Bitcoin price is trading on a roller coaster ride during the second day in a row. The price has been fluctuating moving above and below the $9,000 level. Bitcoin price is down 3% in the last 24 hours and exchanging hands at $8,775.
Bitcoin has dipped during trading on Sunday as the UK government launches a 'crypto assets task force.' The UK chancellor will on Thursday name the members of the task force which are expected to include the Bank of England, the Financial Conduct Authority as well as the treasury.
The project is being launched as part of the government's strategy for the Fintech industry. The project "will help the U.K. to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology."
Bitcoin price is trading below the 50-simple moving average trend line, which has started reversing downwards. The price is testing the 38.2% Fib retracement level with the previous swing high of $9,100 and a low of $8,040. If Bitcoin price declines further below this level, the next support level is at $8,375 level. During the previous retracements, the 61.8% acted as a major barrier to price recovery. The MACD is moving to the negative confirming the increasing selling pressure. Upside gains will encounter stiff resistance the pivotal $9,000 level.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
