- The creator of Megaupload believes that the financial system is rotten and Bitcoin and crypto are the only sources of true financial freedom.
- Bitcoin price only needs a push above the bump at $8,628 to pave the way for an impressively smooth ride towards $9,000.
Bitcoin price is mundanely stuck in the range between $8,500 and $8,600. The correction from Wednesday’s high around $8,712 tested the range support but the high congestion of buyers at the range support cushion the losses. On the upside, movement has been capped under $8,600.
Read also: Bitcoin price analysis: BTC/USD consolidating in a flag pattern
Elsewhere, Megaupload creator Kim Dotcom believes that crypto can bring “true financial freedom.” He argues that he is getting resistance for the launch of his token by the same US government that is printing trillions of “dollars without any value backing it.”
He advocates for Bitcoin and crypto saying:
“All the traditional financial systems are completely broken and corrupt. The US government is printing trillions of dollars without any value backing it.
Bitcoin confluence levels
Bitcoin is lethargic within the mentioned range, besides the confluence tool highlights $8,628 as the initial. BTC only needs a push above this zone to pave the way for a relatively smooth ride to the critical resistance at $8,972. On clearing this level, the buyers will easily jump above $9,000 and shift their focus towards $10,000.
On the other hand, support areas are not as strong as the resistance at $8,972. The first support is seen at $8,560 as highlighted using the pivot point one-week resistance one, Bollinger Band one-hour middle and SMA 10 15-minutes and SMA 50 15-mins among others. Also in line to offer support is $8,525 and $8,491.
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
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?