Bitcoin price analysis: Falls like nine pins, $9,000 on the horizon; BofAML reconfirms credit card purchase ban on cryptos
|- BTC falls back into red zone after holding gains through the day.
- BofAML reiterates its ban on cryptocurrency purchases through credit cards.
Bitcoin fell off quickly and lost all its gains of the day in no time to turn red on day, taking no help from the earlier triangle breakout pattern that could have resulted into the poster boy of cryptocurrencies heading towards $10,000 pyschological mark. (Read here for earlier story)
BTC/USD trading more than 2 percent lower on day at $9,095, falling almost $300 from day's high. In an CNBC interview, BofAML's CTO Kathy Bessant reconfirmed bank's stance to ban cryptocurrency for purchases through credit cards and called the payment system of cryptocurrencies as "troubling".
“As a payment system, I think it's troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it's] designed to be not transparent.”
BTC/USD now has immediate support around $9,000 round figure mark which also happens to be its triangle base trendline support on the 120-minute chart. Only solace for bulls now is the fact that the price for now is sitting exactly at the trendline support on 360-minute chart.
BTC/USD 360-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.