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Bitcoin has now fallen again below the $8,000 mark and is currently changing hands at $7,538. The last time that the cryptocurrency fell below the $8,000 margin was back on Friday, but it quickly shook off the loss by regaining its recent value.
Now, the bears have yet again pulled Bitcoin’s price down. The Relative Strength Index chart shows overbought levels as it has now oscillated below 30, with investors trying to profit from the two-week rally, Coindesk reported.
One of the reasons for the price fall is centered on South Korea. The country has been an integral part of Bitcoin’s growth due to the amount of trading done in the country and has been so far relatively lenient about the crypto market.
However, it seems the country’s leaders are changing their tone about Bitcoin and other cryptocurrencies as they’re reportedly trying to pass legislation that would end tax benefits for crypto exchanges. Higher authorities have said that these crypto exchanges aren’t producing added value to the country’s overall market.
"While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security," said Hong Seong-ki, head of the country's cryptocurrency response team South Services Commission. "We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible."
After the announcement was made, Bitcoin’s value started falling. However, the news isn’t the only reason for the value decline. Econotimes previously reported that the recent surge of Bitcoin will be followed by a downward trend as bulls are trying to make some cash after raising the price.
If Bitcoin’s price falls below support levels seen around $7,500 then a short-term bearish trend is expected to take place. But if this speculation doesn’t hold true and Bitcoin’s value falls below $6,000 then the bears can further pull its price down to $5,000 or even $3,000, although that is not very likely.
