The start of spring brings sales with it and the cryptocurrency market is no exception. Mid-March was marked by a massive sell-off of digital currencies.
There were several reasons behind the big dip. Thus, social media giants Facebook and Google announced they will ban advertising related to cryptocurrencies and initial coin offerings (ICOs). Meanwhile, worries about a regulatory crackdown have weighed on the cryptocurrency market ahead of the upcoming G20 summit. Finance ministers and central bank governors called for the crypto regulation to be placed on the agenda of the meeting.
At the same time, Goldman Sachs' technical analysis team led by Sheba Jafari predicted Bitcoin’s fall. "The break is significant as implies potential for a more impulsive decline," Jafari noted. Her team warned investors to keep an eye on BTC price, predicting that, “The next meaningful level is down at $7,667 to $7,198.”
“Getting a close break this time around would warn of structural damage, increasing the risk of new local lows (below $5,922). At this point, need to get back through $9.322 (the Feb. 26th low) for this to stabilize,” Jafari wrote.
