Summary
Technicals show a head and shoulders with down trend there is further signs of price weakness.
Money flows into BTC are reduced on weekends and bank holidays so volume is light and support is weak
Macro factors
South Korea represents 20% of market and announced tightened regulation.
Anonymous traders have one month to close accounts before they are suspended which has spooked the markets.
The technical impact is minimal as KYC and AML that is already in effect in many nations (USA Japan) and this is seen as healthy maturing of the market.
Social media has been signalling for a correction and there will be continued sell pressure.
Institutional investors will be using this as an opportunity to accumulate.
Technicals show a head and shoulders with down trend there is further signs of price weakness.
Money flows into BTC are reduced on weekends and bank holidays so volume is light and support is weak
Macro factors
South Korea represents 20% of market and announced tightened regulation.
Anonymous traders have one month to close accounts before they are suspended which has spooked the markets.
The technical impact is minimal as KYC and AML that is already in effect in many nations (USA Japan) and this is seen as healthy maturing of the market.
Social media has been signalling for a correction and there will be continued sell pressure.
Institutional investors will be using this as an opportunity to accumulate.