Bitcoin price analysis: Crypto volatility ousted; Visa ready to go all in on cryptocurrencies
|- Bitcoin price is trading sideways while maintaining support at $6,380 and $6,370.
- Visa needs cryptocurrency to stop being a commodity and be a currency.
Bitcoin motionless trend continues to disappoint speculator in the market. A bull rally is expected towards the end of years and top industry analysts like Tom Lee still believe that Bitcoin will come out of the bear range and embark on an upward move towards $20,000. Besides, last week Lee said that people in the cryptocurrency space are too bearish. The Fundstrat co-founder is known to be one of the biggest Bitcoin bulls.
At present, Bitcoin is trading at $6,386 after correcting lower from the yesterday’s highs at $6,415.4. The bulls failed to overcome the resistance at this level and this gave the bear a chance to enter pushing for correction below $6,400 (broken support). On Wednesday this week, Bitcoin corrected a bit higher but lost steam on coming to contact with $6,460. Apart from this extended move, Bitcoin has been trading sideways while maintaining the support at $6,3780. Besides, there is another stronger support that has been highlighted at $6,370.
Bitcoin price is trading below the moving averages. Similarly, the 100SMA is below the longer term 200SMA; this means that the bears are quite present and Bitcoin is inclined to correct lower as opposed to moving higher. The MACD is horizontal in the negative region while the RSI is ranging at 45.65%. The bulls have the power to defend the above mentioned short-term support areas, at the same time, a break above $6,400 and the moving averages will see BTC/USD gain momentum towards $6,500.
Elsewhere, one of the world’s most competitive payment platforms, Visa has expressed its interest in cryptocurrencies. While speaking to CNBC, the chief executive officer of Visa, Al Kelly said that the company is ready to integrate crypto whenever a need arises.
“If we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument…” Kelly continued “If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
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