Bitcoin is trading low during the black Friday trading session. Some recent news underpin the bearish sentiment for the King Crypto.

Hillary Clinton, former Democratic presidential candidate, talked about cryptocurrency Tuesday. She elaborated on her crypto statement last week and warned that the technology may be manipulated by countries like China and Russia to undermine the United States.

She said “We are looking at not only states, such as China or Russia or others, manipulating technology of all kinds to their advantage; we are looking at nonstate actors, either in concert with states or on their own, destabilizing countries, destabilizing the dollar as the reserve currency.”

The government of India has listed a cryptocurrency bill to be taken up in the upcoming session of parliament that starts next week. The bill seeks to prohibit cryptocurrencies with some exceptions. According to the government’s description, the bill aims “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Moreover, The CEO of global investment bank JPMorgan has warned investors about investing in cryptocurrency.

He said “Cryptocurrency has no intrinsic value. You are basically buying a token,” he further said. “I would be very careful.”

On the other hand, The Fed began cutting back on the monthly bond-buying program from this month and stands ready to accelerate the unwinding of stimulus if things continue to heat up. Hence the dollar remained strong this week.

BTC/USD 4 Hour Chart:

Support: 57332.2 (S1), 55844.5 (S2), 54800.1 (S3).

Resistance: 59864.3 (R1), 60908.7 (R2), 62396.4 (R3).

Amidst all the catalyst pressuring Bitcoin against the greenback, we expect a bearish trend for BTC/USD.