Tanya Abrosimova
Independent Analyst
- Bitcoin managed goes in circles around $7,500 handle, market is directionless.
- The head of BOE speaks about future of digital money.
Bitcoin retraced from Thursday's high reached at $7,609 to trade at $7,494 at the time of writing. The price is struggling to regain $7,500 handle amid low-profile and mostly directionless trading activity during Asian hours. The most popular digital currency is unchanged since the start of the day, with the upside potential dying out as long as the price stays below $7,500.
Speaking in Stockholm last week, the head of Bank of England Mark Carney dwelled upon the role of central banks in the crypto industry. Carney, known for his distaste for digital currencies as a means of payment, reiterated his interest in blockchain technologies and their transformative role in the future of finance.
“Is our role going to be changing the payment systems and helping private providers of digital money, or will we go all the way to a central bank issued digital currency? This is one of the most exciting and important areas. And certainly the most important area to get right,” Carney said in an interview published by the Riksbank on Thursday.
Bitcoin's technical picture
On the intraday level, BTC/USD is supported by $7,400, surrounded by a number of technically important levels. Namely, 50-SMA (hourly chart) comes at $7,464, it is followed by 200-SMA at $7.416 and 100-SMA at $7,373. The upside short-term trendline currently at $7,442 offers additional support. On the upside, strong resistance is created by $7,600 and $7,683 (23.6% Fibo).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Avalanche Network introduces Firewood upgrade amid declining on-chain activity, AVAX holders uncertain
Avalanche introduces Firewood as an efficient blockchain database system. The smart chain platform notes a decline in several key metrics like active addresses, revenue and fees generated.
Ripple price could hit $0.66 as market mood improves, XRP analyst says
XRP price broke a key resistance level, with analysts anticipating a potential target of $0.66. Ripple is just above the critical level of $0.50, anticipating buying activity after a stagnant September.
Chainlink price still trapped in range despite exhausted macro downtrend
Chainlink (LINK) price is cooking up a recovery rally after exhausting consolidation beneath a macro descending trendline. However, it remains confined within a range in the weekly timeframe, but an opportunity for breaking out could present soon.
Bitcoin SV price rises by 30% in a day as CEO resigns amid controversy
Bitcoin SV at the time of writing was well above $40, marking a two-month high. The volatility surrounding the altcoin is also on the rise and could negate the recent price rise.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.