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  • The U.S CFTC will continue to play the oversight role for all the cryptocurrencies.
  • Bitcoin could not sustain higher levels above $6,500, but the immediate support at $6,450 is holding tight.

Bitcoin has dropped below $6,500 again after falling victim to the bear pressure that kicked in when it was not able to move past $6,550. A contracting triangle pattern is limiting the gains on the hour time frame chat. However, a breakout is in the pipeline if the bulls can hold the immediate support at $6,450. Moreover, they will have to push the price higher above the triangle resistance for a recoil back above $6,500.

On Wednesday 26, it was reported by Reuters that a United States District Court Judge reassured the cryptocurrency community and regulatory authorities that the U.S Commodity Futures Trading Commission (CFTC) should continue with its current oversight on all the cryptocurrencies in the industry.

Bitcoin is trading at $6,462 at the time of writing. The prevailing trend is bearish but the bulls are pushing for headway while hammering on the resistance at the 50% Fib retracement level with the last swing high of $6,828.63 and a low of $6,114.01. On the downside, $6,400 is a significant support while the swing low will come in handy to rescue the bulls if declines progress.

BTC/USD 1-hour chart