Cryptocurrency Edged high On Monday – BTC/USD above $11,000
Mar, 05th 11:18
Cryptocurrencies traded higher on Monday, after turning lower on Sunday following Bank of England Governor Mark Carney’s comment over the weekend that called for a regulatory crackdown on cryptocurrencies and warned of their failure as a medium of exchange.
“The time had come to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system,” said Carney on Friday.
Bitcoin was trading at $11,537.0 by 12:30am ET on the Bitfinex exchange, up 2.92% over the previous 24 hours.
Since hitting $11,000 levels, however, Bitcoin looks to be stuck in a rut an unable to break out beyond $11,500 levels, with Bitcoin falling short of Sunday’s first major resistance level of $11,627, with an intraday high $11.511, before pulling back to sub-$11,500 levels.
Friday was a similar story, with Bitcoin hitting an intraday high $11.503.24 before pulling back to sub-$11,500 levels by the close.
On the technical charts, BTC/USD is trading sideways above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 58.14 and the MACD is above the signal line.
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