Bitcoin’s bull run failed to break the resistance level of $12000; BTC fumbled for the second straight day and wiped almost $1800 off in the last two days alone – investors are now looking for the new support level. It seems more bearish comments may have a part to play in the current selloff – Bitcoin found the bottom around $6000 after shedding more than 70% of its value. Though South Korea has announced its support of cryptocurrencies, pessimistic comments from England and the arrest of BitFunder founder Jon Montroll in the United States raised traders concerns. Is this affecting bitcoin price? Bitcoin trades just over the $10,000 mark today, while Ripple and others are declining at a quick rate. U.S. regulators had announced their support of legal cryptocurrency trading when they met with the U.S. Senate banking committee early this month. However, the regulators had proclaimed that they will not let illegal activates through cryptocurrency trading. The U.S. regulators were found steadfast in their claims. The U.S. Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI) arrested Jon Montroll, who is the owner of bitcoin-denominated stock exchange, BitFunder.