Following the last week’s correction, cryptocurrency market seems to be crawling back. However, the regulatory pressures are weighing on the majority of the digital coins. Which factors impact Bitcoin today? Find out in this 12 March Bitcoin Price Fundamental Analysis.
12 March, CryptoToday – Slowly and steadily, the cryptocurrency market is recovering following the last week significant correction. The price of Bitcoin has rebounded from $8,368 last Friday to around $9,550 on Monday morning,thusari climbing as much as 14%.
Bitcoin Price Fundamental Drivers
Yet, it appears that the upward momentum is fading away, thanks to a number of obstacles that have arisen in the way of Bitcoin and some other cryptos. The broad adoption of cryptocurrencies is relatively feasible, however, considering the rate at which global governments are introducing new restricting laws, the crypto community will need to wait.
The global cryptocurrency exchanges are facing a myriad of challenging requirements from the legislative bodies from all around the world. In addition to this, banks are also contributing to the overall picture by making it difficult for exchanges to access their services.
One of the recent examples is the Finnish broker Prasos. The brokerage has found itself in a somewhat difficult situation, when four banks with which the entity is collaborating to convert crypto to fiat currencies, canceled their business relationship. Allegedly, the banks have argued they did so due to the fears of money laundering.
12 March Bitcoin Price Fundamental Analysis
Last week, Bitcoin dropped on reports of increased regulation by the US SEC, as we reported in our previous analysis. Yet, the return of risk takers at the end of the week has boosted the appetite for the pioneer cryptocurrency and other high-yielding assets.
Also, the market experts blame investors, who locked in profits at $12,000, for the slump in Bitcoin price. Following the drop, Bitcoin price has even broken the $10,000 support this week. In case BTCUSD manages to climb back to above $10,000 level during this week, it has the potential to advance further to another test of the $12,000 level.
Likewise, market analysts have predicted that further upside movement would be possible in case markets passed the significant resistance at $12,000 and closed above $12,400.
As of the moment of writing, the price of Bitcoin stands at $9,213.72
Overall, within the cryptocurrency community, bullish sentiment remains in place.
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