- 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.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.