Bitcoin rejected at $3,600 again: Charlie Shrem reckons BTC would survive a nuclear holocaust
|- Bitcoin escapes a narrow resistance channel only to be rejected at $3,600.
- “Bitcoin would be a highly durable currency during a nuclear war,” Charlie Shrem.
Bitcoin price encountered a rollercoaster ride yesterday where it initially slumped below $3,500 and refreshed the lows in 2019. However, the bulls woke up just in time to pull the largest crypto above $3,500. Moreover, the gains continued as Bitcoin tested $3,600 to the upside.
The bullish momentum yesterday saw Bitcoin escape the narrow range resistance that was capping gains around $3,550. Bitcoin bulls lack a catalyst to recoil above the resistance at $3,600 leading an ongoing slide. BTC/USD is seen trading at $3,569 at the time press and is between the 50-day Simple Moving Average (SMA) and the 100-day SMA, which is capping gains at $3,590.
Looking at the chart, the bears are steadily gaining traction against the bulls with the applied technical indicators pointing south. For instance, the Relative Strength Index (RSI) is heading south after failing to break into the overbought region. The same trajectory is seen with the Moving Average Divergence Convergence (MACD) which has changed direction from the weekly highs around +12.11. The immediate support at $3,550 will prevent Bitcoin from sliding into the narrow range it had escaped.
In other news, one of the renowned crypto pioneers, Charlie Shrem reckoned yesterday in a Hacker Noon post that only Bitcoin has the ability to survive a nuclear war. He made the remarks while comparing the digital asset to the traditional fiat currency system.
“If the unthinkable happens, Bitcoin would be a highly durable currency during nuclear war, as compared to fiat currency, which would fail for multiple reasons,” Charlie wrote.
He added:
“Since fiat money exists in the physical word and is not a digital entity like Bitcoin, it would be susceptible to being incinerated in the nuclear fireballs. Banks could instantly lose their cash reserves needed to operate.”
BTC/USD 1-hour chart
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