- Goldman Sachs and Coinbase are now “running towards” regulation.
- The SMA is preventing declines towards $7,750 while the 100 SMA is offering immediate support.
The co-founder of Fundstrat, Tom while on CNBC yesterday told investor in digital assets that regulation status in the industry is improving. This is evident by the involvement of Wall Street gurus like Goldman Sachs with the virtual assets as well as blockchain technology. Goldman Sachs and Coinbase are now “running towards” regulation, according to Tom Lee:
“We believe both companies would only make these moves if their perception of regulatory risks in crypto was improving.”
Bitcoin price is trading between the moving average resistance and support. The SMA is preventing declines towards $7,750 while the 100 SMA is offering immediate support slightly above $7,500. There is a breakout to the upside at the 61.8% Fib retracement level with the last swing high of $9,912 and a low of $6,445. BTC/USD is trading a short-term bearish flag pattern pending a downside breakout which could test the next demand zone at $7,250. Bitcoin price is supported at $7,500 but a major support area is at $7,000.
BTC/USD 4-hour chart
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