Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it tracked sideways following a volatile 24 hours of trading.
Existing market weakness was compounded by an announcement from U.S. regulators concerning Ether ETH tickers down $1,519 staking, with major crypto exchange Kraken forced to suspend its staking operations and pay a $30-million fine.
Bitcoin fell to three-week lows as a result, with traders eyeing potential retests of $20,000 and even $19,000 to come.
On the day, stocks offered little by way of comfort to risk asset traders, with the S&P 500 opening down to cross a significant line in the sand left over from late last year.
Read more: Crypto exchange Kraken under scrutiny for sale of unregistered securities
U.S. dollar strength also bided its time, with a hopeful take from investment research resource Game of Trades eyeing resistance, which it may fail to overcome.
“USD has been rejected from its macro uptrend line that’s now turned to resistance. Confirmation is key though,” it summarized on Twitter.
Scott Melker, known as “The Wolf Of All Streets,” meanwhile, saw cause for optimism on four-hour timeframes when it came to Bitcoin. A comeback could still materialize if it were accompanied by a rebound in relative strength index (RSI) values.
