Tanya Abrosimova
Independent Analyst
- 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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
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?