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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD hunting for a breakout

Bitcoin upward movement continues to be limited under the 23.6% Fib retracement level we discussed earlier today. A shallow recovery from the recent deep is unable to sustain gains above $8,300. For now, the price is likely to remain pivotal at $8,300. 

More Bitcoin News

Ripple price prediction: XRP/USD breaks free from triangle pattern - XRP confluence

Ripple’s XRP broke free from the long-term triangle pattern and hit $0.2860 during early Asian hours. The now the third-largest digital asset with the current market value of $12.2 billion has gained nearly 4% in recent 24 hours and became one of the best-performing altcoins out of top-10. At the time of writing, XRP/USD is changing hands at $0.2846.

More Ripple News

TRON price analysis: TRX/USD moves within a long-term bearish trend

At the time of writing, TRX/USD is changing hands at $0.0160. The coin has gained over 15% in seven 24 days, however, the upside momentum started fading away after the price had hit $0.0175 high. 

More Tron News

Cryptocurrency market update: Bulls swinging into action

The weekend session was slow and lethargic. Cryptocurrencies across the board pushed for consolidation at lower levels than the ones witnessed last week. The situation is slightly different on Monday at the beginning of the European.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP