Bitcoin price analysis: BTC/USD upside capped by $9,200; Jack Dorsey promises glorious future for Bitcoin
|- Jack Dorsey joins the ranks of Bitcoin proponents.
- BTC/USD loses upside momentum on approach to the critical resistance level.
While cryptocurrency markets are fussing about Twitter plans to ban crypto advertising, the CEO of the company make bullish predictions about the digital coin #1. Speaking to The Times, co-founder and CEO of Twitter Jack Dorsey said that within a decade Bitcoin would become the single global currency.
Dorsey firmly believes that Bitcoin will be able to overcome the issues related to transaction costs and speed and will be used for everyday purchases.
“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” he said in the interview with The Times.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” he added.
Bitcoin price technical picture
Bitcoin has recovered strongly from Sunday lows, but the upside is capped by $9,200 where a strong resistance is created by 200-DMA and the upper line of Andrew's pitchfork. This area is likely to keep Bitcoin bulls at bay for the time being, though once it is broken, the coin may realize its upside potential jumping towards $10,000 and $10,266 (50% Fibonacci retracement).
On the intraday timeframe, local support is produced by 50-SMA (hourly interval) at $8,800. It is followed by a stronger area $8,400-$8,300 where 100-SAM and 200-SMA converge. Fresh buying interest around this levels ls likely to stop the downside correction.
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