Bitcoin price analysis: BTC/USD battling to shake off the bears; A Swiss state-backed cryptocurrency could be coming soon

Bitcoin price has re-entered the falling wedge pattern we have been exploring in the past one week. The cryptocurrency is correcting slightly higher while battling to rid itself of the prevalent selling pressure that has kept it under $8,400 for a few days now. Besides, BTC/USD has broken above $8,200 while on the upside the falling puts the next target at $8,400 and $8,400.

Different nations around the world are considering the idea of having a state-backed digital asset. Venezuela was the first country to launch a national crypto backed by the vast oil reserves in the country. However, the Petro token has received criticism from the country and other world leaders like US President, Donald Trump. According to a report published by Reuters, the Swiss authorities have started plans of having a national digital asset. The cryptocurrency has been named “e-franc” and will have features of Bitcoin but instead of being “backed-privately”, it will be backed by the state. Moreover, the technology behind it still is a public viewable blockchain. The timeframe for the release of “e-franc” has not been set because the Swiss Parliament’s lower house will have to approve the request, besides, the Federal council must conduct a study.

Bitcoin price, on the other hand, is testing the resistance area at $8,230 while the buyers are looking forward to breaking above $8,300. BTC/USD is trading between moving averages support and resistance. The 100 SMA will offer resistance at $8,300 while the 50 SMA is supporting the price on the downside. The immediate support zone is at $8,200, however, it fails to hold the lower side of the wedge pattern could stop declines. Besides, other support areas include $8,100 and $8,000 respectively.

BTC/USD 1-hour chart