- Bitcoin price is trading sideways while maintaining support at $6,380 and $6,370.
- Visa needs cryptocurrency to stop being a commodity and be a currency.
Bitcoin motionless trend continues to disappoint speculator in the market. A bull rally is expected towards the end of years and top industry analysts like Tom Lee still believe that Bitcoin will come out of the bear range and embark on an upward move towards $20,000. Besides, last week Lee said that people in the cryptocurrency space are too bearish. The Fundstrat co-founder is known to be one of the biggest Bitcoin bulls.
At present, Bitcoin is trading at $6,386 after correcting lower from the yesterday’s highs at $6,415.4. The bulls failed to overcome the resistance at this level and this gave the bear a chance to enter pushing for correction below $6,400 (broken support). On Wednesday this week, Bitcoin corrected a bit higher but lost steam on coming to contact with $6,460. Apart from this extended move, Bitcoin has been trading sideways while maintaining the support at $6,3780. Besides, there is another stronger support that has been highlighted at $6,370.
Bitcoin price is trading below the moving averages. Similarly, the 100SMA is below the longer term 200SMA; this means that the bears are quite present and Bitcoin is inclined to correct lower as opposed to moving higher. The MACD is horizontal in the negative region while the RSI is ranging at 45.65%. The bulls have the power to defend the above mentioned short-term support areas, at the same time, a break above $6,400 and the moving averages will see BTC/USD gain momentum towards $6,500.
Elsewhere, one of the world’s most competitive payment platforms, Visa has expressed its interest in cryptocurrencies. While speaking to CNBC, the chief executive officer of Visa, Al Kelly said that the company is ready to integrate crypto whenever a need arises.
“If we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument…” Kelly continued “If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
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.