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As predicted, the potential growth of bitcoin will become increasingly limited as central banks begin to pay more attention to crypto-currencies. Following the introduction of restrictive measures by the Bank of China, the European Central Bank commented on this issue and influenced its position by the Federal Reserve. In the recent speech, the head of the Federal Reserve Bank of Philadelphia said that the Fed is regulating the economy and neither Bitcoin nor other crypto-currencies will be able to exert any significant influence either on markets or on the American economy in the near future. Simply stated, it means that as soon as the capitalization of the Crypto-currency becomes significant in consideration of its scale to influences the financial markets and the U.S. economy. Then, the will start to tighten their policies. Not only bitcoins were greatly limited of potential for growth, but also all other crypto-currencies. Consequently, the average monthly number of Bitcoin transactions has been declining for two months in a row which is an important factor that gives a negative impact.
Technical picture
As discussed in yesterday's review, bitcoin managed to reach the second value of 4420, where the rise of the quotation was hampered by a periodic ceiling that results to a consolidation. It shows how after a sharp contraction, the consolidation follows which is in this case in a downward direction. It can be assumed that the current impulse candle will return back to the value of 4150 where it is probable to stop in the next return of long positions.
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