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:

a. Breaking: U.S. Treasury Secretary Mnuchin – Facebook must clear privacy concerns to continue with Libra

b. Libra won’t launch until regulatory concerns and approvals are “fully addressed”

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