Posted   |     |   satoshi

Bitcoin Slides as Bitcoin Cash Hard Fork Looms

Bitcoin gained 2.49% on Sunday, following Saturday’s 0.84% rise, to end the weekend at $8,682.6, recording a 10.1% loss for the week, Monday through Sunday.

An early morning fall to an intraday low $8,318.3 saw Bitcoin cold above the day’s first major support level at $8,247.83, with buying appetite building through Sunday morning to support a Bitcoin run through the 23.6% FIB Retracement Level of $8,628 and the day’s first major resistance level at $8,675.13 to an intraday high $8,760 before easing back the day’s end $8,682.6.

Holding above the day’s first major resistance level of $8,675.13 and the 23.6% FIB Retracement Level of $8,628, was a positive for the Bitcoin bulls, though for Bitcoin to reverse the near-term bearish trend formed at 5th May’s swing hi $9,999, a move back through the 38.2% FIB Retracement Level of $8,890 to $9,000 levels would be needed.

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Until there is greater clarity on the regulatory road ahead, Bitcoin and the broader market is unlikely to see any material upside that could spur the talk of a return to the record highs of last year, with regulator classification of the respective cryptocurrencies expected to have a material impact on the broader market.

While the broader market faces the wrath of South Korean regulators, Bitcoin investors are about to discover whether tomorrow’s Bitcoin Cash hard fork will eat into Bitcoin’s cryptomarket dominance.

With Bitcoin Cash already being considered a better contender to replace fiat money, the hard fork enhancements, which are due to introduce capabilities such as smart contracts, while also improving transaction times to less than 3 minutes, will give Bitcoin a run for its money. The market response may be muted near-term, however, regulatory risk continuing to be of far greater influence to investor appetite near-term.

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At the time of writing, Bitcoin was down 3.61% to $8,370 as the crypto news wires weighed on investor appetite at the start of the week.

An early move through to a morning high $8,701 fell short of the day’s first major…

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