Bitcoin price analysis: BTC/USD is back below $9,000 as Google builds its own blockchain-based technology

Google wants to keep up the pace with technology innovations.
BTC/USD retreats below the pivotal, consolidation phase is in store.

Tanya Abrosimova Independent Analyst

Alphabet Inc, the company behind Google, don't want to show cryptocurrency and ICO related advertisements on the search engine result pages, but it is eager to embrace the innovative technology behind the digital assets.

The company is building its own distributed ledger that can be used by third parties to verify transactions, according to sources that shared their insights with Bloomberg.

The spokesperson of the media giant confirmed the fact but refused to go into details about the project.

“Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans,” a Google spokesman said.

Meanwhile, Alphabet Inc has already invested heavily in fintech startups, including wallet service Blockchain Luxembourg, Ripple Network, LedgerX, and Veem.

Bitcoin price technical picture

Bitcoin's upside is limited by 200-DMA and $9,200 and the upper line of Andrew's pitchfork. The bulls won't be able to clear that area without additional stimulus as the upside momentum triggered by mildly positive G20 outcome is fading away. The ultimate resistance for BTC/USD is produced by $10,000 and $10,266 (50% Fibonacci retracement).

On the downside, the price is supported by 50-SMA (hourly interval) at $8,800 with stronger support area $8,400-$8,300, which is likely to limit the downside.

BTC/USD, the daily chart