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

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