Bitcoin price analysis: BTC/USD creeping to $9,000 ahead of European opening despite aggressive rhetoric from FED governor
|- John Williams thinks that cryptos failed the basic currency test.
- BTC/USD bulls aim at $9,050 ahead of European opening.
The current San Francisco Fed President and the nominee to the post of New York Federal Reserve governor John Williams believes that Bitcoin is useless as a currency, echoing the position of FED governors and regulators all over the world.
Cryptocurrencies will not replace fiat money as they are too volatile to function as a true means of payment, he said in the interview with CNBC on Friday. What's more, he cites Bitcoin's fixed supply as a dangerous feature that will deprive central bank of the handy tool to stabilize the economy by either increasing or decreasing the amount of cash in circulation.
“Cryptocurrency doesn’t pass the basic test of what a currency should be,” he said, as reported by CNBC.
Bitcoin price technical picture
BTC/USD is sidelined marginally below $9,000 handle ahead of European opening. As soon as new players join the market, BTC trading activity is likely to increase, which may push the coin out of the tight range created by 100 and 200-EMA at $9,050 and $8,700 respectively. On the upside, once $9,050-$9,100 is cleared, the buying interest will increase, taking the price towards the ultimate near-term goal at $9,500. On the downside, a sustainable move below $8,800 will shift the focus to the next pivot at $8,400 will come into focus with 200-EMA (hourly chart) marginally below.
BTC/USD, the daily chart
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