• The trading veteran believes that Bitcoin has to solve the identity crisis as soon as possible.
  • BTC/USD stays in a tight range amid market uncertainty.

A trading legend Peter Brandt believes that Bitcoin's time is running out. The coin must cope with the identity crisis to survive.

I do not personally think BTC even has that much time to declare itself true or false, Peter Brand wrote on Twitter in a reply to a question whether BTC had about 24 months to demonstrate its true purpose.

The discussion is rooted in Bitcoin's reaction to the ongoing crisis in the financial markets. The first cryptocurrency was supposed to serve as a safe-haven during turbulent times, but it dropped together with equities and other risky assets instead. As a result, many traders and investors placed a big question mark over its safe-haven features. 

Peter Schiff added fuel to the flame

He pointed out that Bitcoin failed to recover with other assets.

Congratulations Bitcoin hodlers. It looks like #Bitcoin may actually be living up to its status as a non-correlated asset after all.  Every asset class is rallying today except Bitcoin!

Meanwhile, BTC/USD is changing hands at $6,650, mostly unchanged both on a day-to-day basis and since the beginning of Friday. The first digital coin has been locked in a tight range for the last three days, thus a breakthrough in either direction may lead to violent moves. 

BTC/USD: Technical picture

On the upside, the initial resistance is created by $6,900 with the intraday high just below this level. Once it is out of the way, the upside is likely to gain traction with the next focus on $7,000 and $7,130 reinforced by SMA100 weekly. This barrier stopped the recovery earlier this week and may serve as a reversal point during the next bullish wave. A sustainable move higher will bring $7,500 (SMA200 4-hour) and psychological $8,000 back into focus.

On the downside, the local support comes at $6,550. This is a lower boundary of the recent consolidation channel reinforced by SMA100 1-hour. If it is broken, the sell-off may gather pace and take the price to $6,300 (SMA200 1-hour) and $6,000.

BTC/USD 1-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD may retest SMA200 weekly if $6,500 is not retaken any time soon.

BTC/USD is hovering around $6,300, down 1% on a day-to-day basis. The first digital coin has been moving within a short-term bearish trend amid expanding volatility.

More Bitcoin News

Ripple Price Prediction: XRP/USD short-term bulls aim at $1780

Ripple (XRP) has been range-bound recently. The third-largest coin settled above $0.1700, which is a good signal, but the further upside seems to be limited so far.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Triangle pattern breakout hints BCH/USD rally beyond $250

Bitcoin Cash price if dealing with increased selling activity on Wednesday just like the other major cryptocurrencies. BCH/USD is down 1.33% on the day while the price hovers above the initial short term support at $214.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP