Bitcoin price analysis: BTC/USD bullish momentum retesting $6,630; Former US Rep. Ron Paul wants Bitcoin legalized


  • Bitcoin price reclaimed $6,600 but the upside momentum lost steam at $6,630.
  • “So far it hasn’t proven itself, sympathetic to the technology, sympathetic to people looking for alternative currencies,” Ron Paul said regarding Bitcoin.

Bitcoin price has staged a recovery during the trading session on Monday 16. Until 09:00 GMT, $6,400 was a key resistance (broken support). Bitcoin price sharply cut through the zone along with the resistance at $6,500. The price reclaimed $6,600 but the upside momentum lost steam at $6,630. BTC/USD corrected lower but the downside was supported above $6,580, similarly, the price is fighting for higher consolidation.

The charts show that Bitcoin price is up more than 4% on the day while the trend is still bullish. $6,700 is the next resistance target, but the major hurdle remains at $6,800 in the medium-term. The buyers are fighting for consolidation above $6,630 for now. The stochastic RSI is in the oversold but pointing south and the gap between the moving averages on the 1-hour timeframe chart is widening to confirm that the Bears are seeking entry.

In other news, the former US Representative, Ron Paul is championing for the legalization of Bitcoin and other virtual currencies. He says that the Bitcoin hasn't proven itself and should now be allowed to compete with fiat currencies. Paul said this while on CNBC where he was sharing his opinion on the inflated stock matter in the market with regards to Wall Street. Ron Paul also commented on Bitcoin in the interview saying:

“So far it hasn’t proven itself, sympathetic to the technology, sympathetic to people looking for alternative currencies.”

The former Representative was inclined to having Bitcoin regulated and bringing it to the level where it can compete with fiat currencies. He also said that that denationalization of money is good because it is hard to trust the government, but Paul believes that people have trust in Bitcoin. He continues:

“Cryptocurrencies haven’t been certified yet but I think they should be legal.” Paul adds, “They should never commit fraud, we should not tax money, and we should have competition money.”

BTC/USD 1-hour 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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. 

More Bitcoin News
ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million

ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million

Ondo price is nearing its key weekly resistance of $1.38 on Friday, and a firm close above this level hints at a rally ahead. Ondo launches its Ondo Chain, a new Layer 1 blockchain purpose-built for institutional-grade RWAs.

More Ondo News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines

Bitcoin (BTC) hovers around $97,400 on Friday after losing nearly 5% in the last three days. Ethereum (ETH) and Ripple (XRP) fail to recover and face rejection from their key levels, hinting at further corrections.

More Cryptocurrencies News
XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds

XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds

Ripple's XRP was in the limelight on Thursday following the Chicago Board Options Exchange (Cboe) 19b-4 filing to the SEC to list and begin trading XRP exchange-traded funds (ETFs) for asset managers Canary Capital, WisdomTree, 21Shares and Bitwise. 

More Ripple News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. Traders should watch FTX's upcoming repayments to creditors starting on February 18, which could bring in volatility for Bitcoin prices.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP