Bitcoin reels under weight of watchdog scrutiny
The recent negative sentiment weighing against the cryptocurrency was given a further boost after the Japanese Financial Services Agency (JFSA) ordered several exchanges to strengthen their Anti Money Laundering (AML) practices, causing a fall of around 9% on the day. Bitcoin (BTCUSD) is currently trading just above the $6100 level, with any close below $6300 reinforcing the downward pressure line. While the reaction may be a little overdone, there is simply no good news visible for Bitcoin, and going long here is an act of faith. We do not see any positive outlook for BTCUSD until it closes above $6900.