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Bitcoin price analysis: BTC/USD rangebounnd, but cryptos are still alive, PwC report shows

  • Bitcoin is capped by short-term MA and Fibo retracement. 
  • PwC report confirms strong interest towards digital assets.
Bitcoin price analysis: BTC/USD rangebounnd, but cryptos are still alive, PwC report shows
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin is rangebound, capped by moved below 50-SMA on the hourly chart, currently at $$6,344. The bullish momentum was strong on weekend but faded away on Monday, which is very typical for cryptocurrency market, apt to positioning at the end of the week. It is worth mentioning, that the digital coin No. 1 is still below Fibo retracement at $6,483. The support level is created by $6,200 handle and followed by 200-SMA at $6,162.

The latest PwC report reveals that sales for digital currencies have doubled since the previous research conducted in 2017. The findings may signal that the popularity of cryptocurrency segment is still growing despite price decline.

The experts of PwC found out, that cryptocurrency sales hit $13.7 billion for the first five months of the year. However, statistics is not all that bright, as from 3,470 Initial Coin Offerings launched to date, only 30% have been successfully closed.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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