Bitcoin price analysis: BTC/USD hibernating above $8,100, while only 2% of Americans invested in Bitcoins, Wells Fargo research shows

Americans are not interested in cryptocurrencies.
BTC/USD stays unchanged on a daily basis.

Bitcoin, the leading digital currency with total market value $140B and average daily trading volume $4.3B is nowhere close to mass adoption, at least in the US.

According to a Wells Fargo/Gallup poll, only 2% of investors confessed that they own Bitcoins, while less than 1% have intendtion to buy it in the near future. The overwhelming majority of the respondents said they had no interest in buying bitcoin, while about 26% were interested in the technology, but did't want to purchase coins any time soon.

"Limiting bitcoin's popularity as an investment, only about three in 10 investors (29%) say they know something about digital currencies. Most of the rest -- 67% -- say they have heard of these currencies but don't know much about them, while 5% have not heard of them," the report says.

"The bigger constraint on bitcoin sales is likely the widespread perception that trading in the currency is not safe. While risk is central to how investing works, three in four investors who have heard of online currencies consider bitcoin a "very risky" investment."

Bitcoin's technical picture

From the longer-term perspective, BTC/USD stays in a tight range, limited by $8,000 on the downside and $8,300 on the upside. If the support is broken, the sell-off may be extended 50.0% Fibo retracement at $7,862. The ultimate resistance is $8,591 (200-DMA).

BTC/USD, the daily 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.

Cryptos feed Join Telegram