Bitcoin price descending channel and loss of momentum could turn $60K

(BTC) appears to lack the strength to retest the $67,000 all-time high that it reached on Oct. 20, and this is causing investors to question whether the bullish moment has faded. Even with the price facing these hurdles, it’s still premature to call the $58,000 support level test the beginning of a descending channel.

Among the factors limiting the rally is the regulatory uncertainty in the United States. Anne Termine, a partner in the government enforcement and investigations practice at Bracewell LLP and former chief trial attorney at the Commodities Futures Trading Commission, said that “there are no easy answers” for the agency to provide clear rules.