- BTC falls back into red zone after holding gains through the day.
- BofAML reiterates its ban on cryptocurrency purchases through credit cards.
Bitcoin fell off quickly and lost all its gains of the day in no time to turn red on day, taking no help from the earlier triangle breakout pattern that could have resulted into the poster boy of cryptocurrencies heading towards $10,000 pyschological mark. (Read here for earlier story)
BTC/USD trading more than 2 percent lower on day at $9,095, falling almost $300 from day's high. In an CNBC interview, BofAML's CTO Kathy Bessant reconfirmed bank's stance to ban cryptocurrency for purchases through credit cards and called the payment system of cryptocurrencies as "troubling".
“As a payment system, I think it's troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it's] designed to be not transparent.”
BTC/USD now has immediate support around $9,000 round figure mark which also happens to be its triangle base trendline support on the 120-minute chart. Only solace for bulls now is the fact that the price for now is sitting exactly at the trendline support on 360-minute chart.
BTC/USD 360-minute chart:
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