Bitcoin price analysis: BTC/USD bulls blocked by  Andrew’s pitchfork as US officials call for vigilance while dealing with cryptos

• BTC/USD stays in the range with bearish bias.
• Subcommittee on Terrorism and Illicit Finance says cryptos are used for illegal purposes.

Bitcoin  is sidelined below the key resistance zone created by 200-SMA (30-min chart) at $6,670 and the  upper line of downside Andrew’s pitchfork at $6,700.  

While the short-term momentum is bearish, a fresh buying  interest on approach to $6,600 is likely to stop the sell-off. However, if this support is broken, the downside may be extended towards $6,400 and $6,200.

Subcommittee on Terrorism and Illicit Finance of the US House Committee is concerned about growing use of digital currencies for illegal purposes.

“Law enforcement has identified an uptick in the criminal and terrorist exploitation of VCs [virtual currencies]to raise funds and launder money,” the Subcommittee wrote in the news announcement.

“Digital currencies have the potential to support more efficient and transparent global commerce, and to enhance U.S. economic competitiveness. However, because digital currencies continue to be used to facilitate illicit activity, law enforcement must adapt our investigative tools and techniques to dismantle criminal groups that use these instruments for fraudulent activity or money laundering.”

BTC/USD, 30-min chart