Tanya Abrosimova
Independent Analyst
- Bitcoin bulls continue pushing the price higher.
- The Columbian president expressed support for cryptocurrency and blockchain.
Bitcoin bottomed out at $5,900 on August 14 and had been growing steadily ever since. The largest digital currency has settled at $7,270 by the time of writing after testing $7,337 hight during Monday trading. Looking technically, Bitcoin cleared a critical $7,000 hurdle and recovered monthly losses. BTC/USD is mostly unchanged since the start of the day and about 1% higher on a daily basis.
Meanwhile, Columbia followed Malta's lead and announced support for cryptocurrency and blockchain related companies.
The President of Colombia, Ivan Duque spoke about cryptocurrencies at the International Congress on Information and Communication Technologies and welcomed crypto startups to set their business under Colombian jurisdiction. He expressed hope that they will create new jobs in the country and promised them 5-year tax holidays in return. Ivan Duque believes that blockchain can stop corruption in the country and improve many aspects of the economy and governance.
Bitcoin's technical picture
BTC/USD has settled above both DMA50 and DMA100, creating a positive technical background for the short-term movements. However, the price has to break the sloping trendline from May 5 peak (currently at $7,660), before the bulls can claim a victory. This resistance area is followed by the confluence of DMA200 and 50% Fibo retracement at $7,860-$7,880 area.
On the downside, $7,000 remains pivotal. This psychological level is strengthened by DMA50 (currently at $7,050). Once it is broken, the sell-off may be extended to DMA200 ($6,893), where fresh buying interest is likely to appear.
BTC/USD, the daily chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.