- George Soros to start trading cryptocurrencies in an interesting turn of events after called Bitcoin a bubble.
- The 100 SMA has failed to support the price during the declines, although it will offer resistance as the price corrects higher.
Bitcoin price is currently recovering from the lows traded last week on Friday. The weekend session saw the price trade both higher lows and higher highs. BTC/USD is currently trading below the pivotal $7,000 level on Monday morning GMT after a sharp decline.
In other news, George Soros, a prominent figure in the financial industry has been reported to have started trading cryptocurrencies. His current move is an interesting turn of events since he called digital assets and primarily Bitcoin a bubble. Although the billionaire investor will not be trading cryptos himself, his head of Soros Fund Management, Adam Fisher, has obtained the approval to do so.
Bitcoin price technical analysis
There is increasing selling pressure in the market as Bitcoin price sharply declines from trading above $7,000 to exchange hands below $6,800. The price is currently testing the short-term support level at $6,750. The 100 SMA has failed to support the price during the declines, although it will offer resistance as the price corrects higher. The bottom has not cleared for BTC/USD as the danger of further declines is still looming. The major support for Bitcoin price rests at the weekend low of $6,520.
BTC/USD hourly 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.