Bitcoin price has maintained a general bullish momentum after the surge exactly a week ago. BTC/USD is still lacking momentum to attack $8,500 with the highest peak in April capped below $8,400. The price is currently flirting with $8,205 while trading above the bullish trend line on the hourly timeframe chart.
While Bitcoin price is making baby steps towards the long-term resistance level at $8,000, twelve cryptocurrencies are under the limelight of New York City Attorney General, Schneiderman’s radar. The crypto exchanges include the likes of Coinbase, Kraken, Gemini among others. The A.G believes that consumers should be protected from potential financial risks that come with the exchanges. The A.G Schneiderman’s comments on the ongoing probe say:
“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms. Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”
Technically, Bitcoin price is trading in a range between the upside which has been capped at $8,400 and the downside at $7,900. BTC/USD could consolidate above $8,000 as it gains momentum to retrace towards $8,500. There is a short-term support forming $8,200, but the 100 Simple Moving Average will also provide support close to $8,100. The Other trend indicator like the MACD is balancing in a range showing potential signs of a breakout to the upside. Further down, the 23.6% fib retracement level with the previous swing high of $8,400 and a low of $6,800 will provide additional support above $8,000.