Tanya Abrosimova
Independent Analyst
- Bitcoin settles above $8,300, momentum is weak.
- Canadian researcher does not believe in Bitcoin for criminals.
Bitcoin cautiously climbed out of the range to trade marginally below $8,400 amid positive momentum on cryptocurrency markets. The coin is moving within an upside trend on intraday charts with $8,400 serving as the key barrier to be taken out before BTC can proceed higher.
While global regulators often justify their aggressive approach towards cryptos by the fact that they are used for money laundering purposes, Quebec's Chief Scientist Rémi Quirion believes that the problem is overstated as long as Bitcoin concerned.
“Bitcoin is not above the law, nor is it a magnet for illicit transactions: it forms only a tiny part of the criminal money circulating around the planet,” he writes in the report prepared by Agence Science-Presse and Fonds de Recherche du Québec.
The transactions with the most popular cryptocurrency are not totally anonymous and can be traceable, that's why Bitcoin scammers and fraudsters are often caught by relevant authorities. As a matter of fact, transparency of the blockchain with all transactions copied and distributed across the network makes it less attractive for criminals.
Bitcoin price technical picture
BTC/USD sentiments are bullish as long as it stays above $8,100-$8,000 area, though the coin is capped by $8,400. A sustained move above the said resistance will open the way towards the ultimate near-term goal at $9,000, provided that the overall market keeps growing. Critical support is located at $7,800 and followed by $7.500.
BTC/USD, the hourly chart
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