The Bitcoin continued its selling momentum in June 2018 as it broke $7046.500 support and now aiming for the $6000 psychological support. A successful break of the $6000 price (2018 low) could plunge the crypto-currency and might draw a conclusive decision we are going to witness an all round bearish scenario for the Bitcoin this year.
However some financial institution and investors believe the bitcoin has made its low for the year as it seems to be oversold and a bullish reversal is preparing its way for the crypto. Dan Morehead, founder of Pantera Capital Management, stated that, in his opinion, Bitcoin has made a bottom for the year, well lets monitor the chart as the chart says it all.
From a technical point of view, Bitcoin is not a great opportunity to me at the moment. The chart shows a descending triangle, which is a bearish pattern.
Also fundamentally its really hard for Bitcoin and Altcoins because of the uncertainty and confusion on how the government plans to regulate digital currencies.
On June 13, the US Securities and Exchange Commission are holding the SEC investor Conference in Atlanta, where attendants will meet with members for a more informal discussion on issues regarding regulation in the crypto-currency field, mutual funds and fraud prevention.
Some members of the community have been recently concerned that SEC might classify crypto-currencies like Bitcoin and Ethereum as securities. The security classification would have a devastating effect on the market due to tax regulation and legal ownership of crypto assets.
However, SEC Officials calmed the spirits by saying it was ICO Tokens they are looking at, not Bitcoin. The main topic of discussions will be around the processes involved in ICO investments and how to classify them.
The crypto enthusiasts are hoping for a positive outcome and softer cryptocurrency regulation that will help bring in new investors to the market.