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Bitcoin price has entered the second half of the year with the same level of volatility that it exhibited in the second quarter. Since late June, it has been wavering between $32,000 and $36,000. Indeed, high volatility is one of the risks that are likely to impact the crypto in the year’s second half.
At the same time, regulatory issues may continue to exert pressure on Bitcoin price. On the one hand, the Chinese crackdown may be a good thing for the crypto industry as it would enhance its status as a decentralized currency. However, with further warnings coming from other regions such as the US and UK, investors will be keen on the extent of governments’ interference in the sector.
Bitcoin price is plummeting; erasing the weekend gains. At the time of writing, the largest cryptocurrency by market capitalization was down by 5.04% at 33,508.64. Over the weekend, it gained by around 8% to hit the crucial resistance level of 36,000. However, on Monday’s session, it has plunged by over 7%. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.
If Bitcoin price moves below its current support level at 33,500, the next support level will probably be at last week’s low of 32,697.66 or lower at the psychological 32,000. On the flip side, a rebound would have it experience resistance along the 50-day EMA at 34,447.69 or higher at the psychological level of 35,000.
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