Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update

Bitcoin Price Key Highlights:-

• Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger
  pullback.

• The Fibonacci retracement tool shows the potential support levels where buyers could be waiting.

• Price might also be forming a larger ascending channel on its 4-hour time frame as indicators still support an
  uptrend.

• Bitcoin price was unable to sustain the climb after previously consolidating, as a larger correction seems necessary.

Hong Seong-ki, head of the country’s cryptocurrency response team South Services Commission, said:

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. 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.”