Bitcoin soars to new highs, and the sell-off continues…. Bitcoin is up more than 5 percent on the day amid a sell-off that’s pushed it below $30,000 again. The cryptocurrency is trading around $30,100 as of 13:15 p.m. ET, according to data from Markets Insider, and the rally comes ahead of a speech by Federal Reserve chairwoman Janet Yellen on Thursday, when she is expected to comment on the risks to the U.S. economy posed by low inflation.

Bitcoin is currently trading near $3,300, meaning it’s down around 30% since the end of January. The surge in regulation expected from the Trump administration has been a key reason for the turnaround. According to a recent report from the Wall Street Journal, the US Securities and Exchange Commission is preparing to issue new rules that would require publicly traded companies to disclose the use of cryptocurrencies like Bitcoin in their financial statements.

The price of bitcoin (BTC) continued its downward trend on Wednesday, ahead of Federal Reserve Chairman Jerome Powell’s testimony.

The BTC/USD spot price fell to a 17-day low of $31,600 after an intraday decline of 3.46%. Meanwhile, pair-linked CME futures fell 3.41% to $31,515, extending losses for the week to 9.5%.

Bitcoin holds above Q2 support around $30,000. Source: TradingView

Bitcoin sell-off continues as BTC nears $31K ahead of Powell’s speech

Since the 20th. May, the BTC/USD exchange rate is bearish within a descending parallel channel, bouncing off the support trend line and retreating lower as it tests the resistance line. At the same time, the $30,000-32,000 margin provided additional support for the merger.

The pair seems to be returning to the lower trend line after the recent retest of the upper channel trend line. However, in the current scenario, the short-term target is below $30,000 (towards the second quarter low of $28,732).

Conversely, a breakout north of the resistance trendline of the BTC/USD channel could see the 50-day simple moving average (50-day SMA; blue wave) at $35,363 tested as its next upside target. During the last few meetings there have been sales in this area.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.

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