Bitcoin price analysis: BTC/USD trading another bullish flag pattern; Singapore’s Tangem, a hardware wallet company to pilot its ‘Bitcoin banknotes’


  • The notes are being produced in denominations of 0.01 and 0.05 BTC ($92 and $463).
  • Bitcoin price has breaches $9,700, while the 50 SMA is working as an immediate support at $9,640.

Bitcoin price Bull Run continues in May as the largest cryptocurrency by market capitalization threatens to hit the $10,000. The price broke out of the ascending channel during the intraday trading yesterday forming yet another bullish flag pattern. BTC/USD is up 4.9% in the last 24 hours while it is trading at $9,720, at the same time, an upside breakout is on the horizon as the bulls battle to push the price higher.

On the other hand, a hardware wallet company known as Tangem has commenced piloting the sale of ‘Bitcoin banknotes’ to the market in Singapore. The company is committed to making physical transactions using virtual currencies like Bitcoin possible. Tangem intends to mass produce the notes in “millions” before the end of the year. The notes are being produced in denominations of 0.01 and 0.05 BTC ($92 and $463). They feature the recently released S3D350A chip from Samsung semiconductor.

“Based on a recently developed S3D350A chip from Samsung Semiconductor, Tangem Note is the first… on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”

The company has already produced 10,000 notes and they are currently being shipped to various “partners and distributors”. Tangem says that the notes are simple and cheaper to make but they feature the highest security.

Bitcoin price analysis

Bitcoin price rallied during the intraday trading yesterday, breaking the key resistance $9,200. The bulls were unstoppable, pushing the price above several key resistance areas at $9,400, $9,500 and $9,600. At the moment, Bitcoin price has breached $9,700, while the 50 SMA is working as an immediate support at $9,640. Below this level, $9,600 will provide support preventing further declines. BTC/USD must find a support above $9,700 to allow the bulls to get momentum to attack higher levels. On the upside, it will face resistance at $9,780, but the next target is $9,800. The MACD on the 15’ minutes chart is signalling that the bullish momentum will continue in the near-term.

BTC/USD 15’ chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto bloodbath hasn’t even started yet

Crypto bloodbath hasn’t even started yet

Bitcoin price, Ethereum and other cryptocurrencies are on the backfoot after the massive slaughter that happened on the trading floor on Wall Street yesterday. Instead of cleaning up the pink sheets from the floor, the cleaning staff are probably busy sweeping up plenty of burned-out traders that got annihilated overnight as the Dow Jones printed its worst performance since June 2020.

More Bitcoin News

Dogecoin founder says crypto investors are clueless while DOGE price crumbles under pressure

Dogecoin founder says crypto investors are clueless while DOGE price crumbles under pressure

Dogecoin’s co-founder advises crypto investors to perform actual research and stay informed about their crypto investments. While the meme coin crumbles under pressure, analysts find a bullish pattern that could drive a rally in Dogecoin. 

More Dogecoin News

Is Do Kwon going to get arrested after Terra's LUNA price collapse?

Is Do Kwon going to get arrested after Terra's LUNA price collapse?

The collapse of Terra's LUNA price and algorithmic stablecoin TerraUSD (UST) has sparked outrage in the crypto community. Institutions and retail investors suffered significant losses when $40 billion in LUNA and UST’s market value was destroyed within a week. 

More Terra News

If you haven’t sold yet, XRP will give you another chance before it dumps to $0.19

If you haven’t sold yet, XRP will give you another chance before it dumps to $0.19

XRP price is in a rut as it followed Bitcoin and other altcoins into a crash after the LUNA-UST debacle. Ripple, on the other hand, is relentlessly fighting against the US Securities and Exchange Commission’s (SEC) allegations and to prove that XRP token is not a security.

More Ripple News

Bitcoin: Multiple scenarios arrive at the same bearish conclusion

Bitcoin: Multiple scenarios arrive at the same bearish conclusion

Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 

Read full analysis

BTC

ETH

XRP