Bitcoin price analysis: BTC/USD runs out of momentum, reverses trend to test key support; Russia considers launching a national cryptocurrency

Bitcoin price is trading above $8,300 after it lacked the momentum to attack $8,600 during the session on Monday 21. The king of the digital assets extended the declines smashing its way through the support areas at $8,475, $8,400 and $8,300. The declines were, however, stopped above $8,275. There is a general downward trend among the major coins in the market as well with Ethereum recording a 0.51% decrease on the day while Ripple is also down 0.16%.

Various countries across the world have expressed their desire to have a national cryptocurrency. While United States sanctions are top among the reasons why these countries want to go the crypto way, other reasons include financial freedom for their citizens and even reducing the dependency on the USD. Russia, Venezuela and Iran were the first countries to propose national digital assets. Venezuela went ahead and launched its Petro token in the first quarter of 2018. Russia is considering releasing the CryptoRubble to function as a virtual currency that can be used to process transactions, reduce the time taken for cross-border transactions besides, lowering the costs.

Bitcoin price, on the other hand, is currently trading at $8,310, although it is facing resistance from the 61.8% Fib retracement level with the last swing high of $8,565 a low of $8,192. The price is trading below the moving averages on the 15’ intraday chart, which show that there will be a dominance of selling pressure in the near-term. An immediate support is at $8,300, but further declines will be stopped by the support zone at $8,275.