News on BTC

Patrick McHenry, North Carolina Congressional Representative:

“I think there’s no capacity to kill Bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society, could not kill Bitcoin.”

Bitcoin could not resist the $10,924 level and fell below the 50-day SMA on Tuesday. After that, the digital currency managed to recover and rise above the “neckline” of the double top pattern at $10,020 on Thursday, which is also the 38.2 Fibo level. At the moment of writing, the oldest crypto has been targeting the $10,020 level. The next support levels will lie at $9,488 and $8,927 (50% Fibo). In case of recovery, $10,924, $12,030, and $12,770 levels will be in focus.

Regulations:

· A bill which restricts technological companies to issue their own cryptocurrencies was introduced in the US Congress. Does it mean problems for Facebook?

· US finance Minister Steven Mnuchin expressed cautiousness concerning Facebook’s cryptocurrency Libra, Bitcoin, and other digital assets.

· France’s authorities are ready to approve the first group of crypto companies according to the recently submitted law.

· The hearing on Facebook’s Libra at the US Senate happened this week. Policymakers did not understand how money can be issued without banks.

· China acknowledged Bitcoin as a digital property.