The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Patrick Byrne, CEO of Overstock: “I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto. Now, whether Bitcoin is the one, whether Bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell.”
Wednesday’s huge sell-off in the crypto market ended the period of low volatility for Bitcoin. The digital asset plunged below $6,000 and tested the fresh lows at $5,390. There are no clear reasons for this slump. Most analysts claimed the recent conflict between the Bitcoin Cash founders ahead of the hardfork as one of the factors which led to uncertainties. The test of the support at $5,390 showed the weakness of bears. If the bulls can push the price upwards to the resistance at $5,873, we can see a further correction. The next resistance lies at $6,487. For now, RSI is placed below the 30 level. The cross of this level can signal a future rise of Bitcoin.
Further speculations can drive the cryptocurrency to retest the support at $5,390.
- The Great Lakes Museum in the US started to accept Bitcoin payments
- The financial regulator of Singapore and the SGX stock exchange introduced blockchain-system for crypto assets.
- Waves developers launched smart-actives in the test chain.
- BP, Shell, and Equinor energy companies are planning to launch a blockchain platform for trading energy products at the end of the month.
- ConsenSys Kaleido and Amazon Web Services will launch a platform for plug-and-play services for the realization of blockchain decisions.
Ethereum $179.95 (+0.65%)
Dash $144.89 (-5.21%)
Litecoin: $42.72 (+2.64%)
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
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