Bitcoin stays under $6,300 as Jimmy Song says it is the most secure digital asset


  • Bitcoin stays under $6,300 as the downside momentum has faded away.
  • Bitcoin enthusiast Jimmy Song shared his views for the industry.

Bitcoin escaped the recent narrow range only to get trapped in a new one. The digital coin No. 1 is changing hands at $6,262, unchanged since this time on Monday.

On the intraday chart, BTC/USD is capped by $6,300, strengthened by SMA50, 1-hour. Once it is cleared, the recovery may be extended towards critical DMA50, currently at $6,450. Both Relative Strength Index (RSI) and Momentum indicator are neutral, implying that more consolidation may be in store at least until European and American traders join the game.

On the downside, $6,200 handle may stop the decline for the time being. The market needs a good trigger for an extended sell-off towards $6,100 and the recent low of $6,060.

Jimmy Song, a distinguished  Bitcoin educator, developer, and entrepreneur, the leading architect of Paxos and vice president of Bitcoin wallet Armory Technologies, discussed his engagement in cryptocurrency industry and his role in educating new developers.

Speaking about the coins that forked from Bitcoin blockchain, Song expressed skeptical attitude, saying that they have low practical value.

"All those coins are absolutely useless, even if I managed to increase the number of Bitcoins in my wallet thanks to all those hardforks. It's madness! A lot of them were launched in January or February and cost about 1% of Bitcoin. Since that time they devalued 90-95% because they don't offer anything new and don't solve any problems.", he said in an exclusive interview to blockchain and cryptocurrency media outlet Forklog.net.

 

According to Song, Bitcoin is the most secure and the most resistant to hack attacks and very few coins can compete with it on that account.

BTC/USD, 1-hour chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel

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


Latest Crypto News & Analysis

Editors’ Picks

Crypto market shrinks while Bitcoin grows

The war for market share, expressed through the dominance charts, confirmed the offensive launched by Bitcoin days ago and sent Ethereum to the critical support level at 12.32, the same level where Ethereum's decline found ground the last six times.

More Bitcoin News

DOT poised to rush to $3 as social volume tanks

Polkadot has been on the retreat since it traded an all-time high at $6.88 on September 1. The initial drop in the first week of September embraced support at $3.50. 

More Polkadot News

Cryptocurrency projects jumping off the Ethereum ship due to high transaction fees

The mushrooming DeFi projects built on Ethereum cause the network overload and kill all the blockchain's advantages over the traditional banking exchange systems. 

More Ethereum News

Freefall in DeFi screams bubble busting

It has been an exciting year so far in the cryptocurrency industry. First, the market crashed excessively following the COVID-19 triggered selloff in March.

More DeFi News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP