Bitcoin price analysis: BTC/USD pulls back from the lows as Dutch court rules Bitcoin has “transferable value"

Bitcoin price recovers from the lows recorded in the trading session on Wednesday Morning GMT. However, the upside gains have been capped under $7,950 as the buyers fight to gain control of a market that has been in the hands of the bears since yesterday.

In other news related to Bitcoin, a ruling from a Dutch court favoured the Plaintiff, Mr JW de Vries. The plaintiff went head to head with a cryptocurrency mining company, Koinz Trading BV to claim that the company owed him 0.591 Bitcoin. The court made considerations of the record of numbers and the letters that were secured in a hard drive of the applicant’s computer. Besides, the court recognised Bitcoin to have a transferable value. A section of the ruling read:

“Bitcoin represents value and is transferable” and “thus shows characteristics of a property right. A claim for payment in Bitcoin is, therefore, to be regarded as a claim that qualifies for verification.”

Technical picture

On the intraday chart, Bitcoin is correcting lower while the 50 SMA has crossed below the longer term 100 SMA to signal that the path of resistance is to the upside. The gap between the moving averages is also getting wider to indicate that the bearish pressure is increasing. On the other hand, the Slow Stochastic momentum indicator is steadily pulling from the oversold territory to show that, the bulls could find an entry and continue with the upside trend. The 61.8% Fib retracement level with the last swing high of $9,135 and a low of $7,369 will act as a resistance level during upside gains above the pivotal $8,000 level. The immediate support for BTC/USD is at $7,772. Bitcoin price must maintain this level to avoid further declines towards the major support level at $7,369.

BTC/USD 15 minutes intraday chart