Bitcoin price analysis: BTC/USD trading another bullish flag pattern; Singapore’s Tangem, a hardware wallet company to pilot its ‘Bitcoin banknotes’
|- The notes are being produced in denominations of 0.01 and 0.05 BTC ($92 and $463).
- Bitcoin price has breaches $9,700, while the 50 SMA is working as an immediate support at $9,640.
Bitcoin price Bull Run continues in May as the largest cryptocurrency by market capitalization threatens to hit the $10,000. The price broke out of the ascending channel during the intraday trading yesterday forming yet another bullish flag pattern. BTC/USD is up 4.9% in the last 24 hours while it is trading at $9,720, at the same time, an upside breakout is on the horizon as the bulls battle to push the price higher.
On the other hand, a hardware wallet company known as Tangem has commenced piloting the sale of ‘Bitcoin banknotes’ to the market in Singapore. The company is committed to making physical transactions using virtual currencies like Bitcoin possible. Tangem intends to mass produce the notes in “millions” before the end of the year. The notes are being produced in denominations of 0.01 and 0.05 BTC ($92 and $463). They feature the recently released S3D350A chip from Samsung semiconductor.
“Based on a recently developed S3D350A chip from Samsung Semiconductor, Tangem Note is the first… on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”
The company has already produced 10,000 notes and they are currently being shipped to various “partners and distributors”. Tangem says that the notes are simple and cheaper to make but they feature the highest security.
Bitcoin price analysis
Bitcoin price rallied during the intraday trading yesterday, breaking the key resistance $9,200. The bulls were unstoppable, pushing the price above several key resistance areas at $9,400, $9,500 and $9,600. At the moment, Bitcoin price has breached $9,700, while the 50 SMA is working as an immediate support at $9,640. Below this level, $9,600 will provide support preventing further declines. BTC/USD must find a support above $9,700 to allow the bulls to get momentum to attack higher levels. On the upside, it will face resistance at $9,780, but the next target is $9,800. The MACD on the 15’ minutes chart is signalling that the bullish momentum will continue in the near-term.
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