Bearish trend seem to pin the Crypto King – Bitcoin this week. Bearish trend is favored by the two negative events happened in the past few days.

On Nov. 12, the United States Securities and Exchange Commission (SEC) denied VanEck’s spot Bitcoin ETF request, Upon the rejection the Bitcoin saw a dip but most important than the rejection was the rationale behind the rejection that was to be noted.

The SEC directly mentioned their uncertainties about Tether’s (USDT) stablecoin and the incapacity to deter fraud and market manipulation in Bitcoin trading. Whereas Bloomberg senior ETF analyst and cryptocurrency expert Eric Balchunas had already given only a 1% chance for approval so the rejection was not a big surprise.

On Nov 15, US lawmakers introduced a bipartisan bill that seeks to modify a cryptocurrency tax provision in President Joe Biden’s newly passed infrastructure deal. The bill is intended to modify a section of the law that amends the Internal Revenue. Biden’s infrastructure deal would require anyone who receives more than $10,000 in digital assets to report their personal information to the Internal Revenue Service. This will be mandated in 2024.

Additionally, the government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols.

Norway Minister Says “Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the extensive use of renewable energy today.” This also underpins the bearish trend of the bitcoin.

BTC/USD 4 Hour Chart:

Support: 55823.5 (S1), 54065.1 (S2), 51496.9 (S3).

Resistance: 60150.1 (R1), 62718.3 (R2), 64476.7 (R3).

All these negative events underpin the downtrend for the crypto king; we expect a bearish trend for BTC/USD.