Tanya Abrosimova
Independent Analyst
- Kenneth Rogoff expresses the pessimistic view about cryptocurrency future
- BTC/USD is trading in a range with the bearish bias.
BTC/USD is pressured down as the market struggles to find fresh bullish catalysts to push it higher. Failure to keep intraday gains proves that market players do not believe in sustainable BTC rise in the near-term and prefer to take profits whenever possible.
Mainstream economists continue to express fatalistic views on everything crypto. Harvard University professor and economist Kenneth Rogoff does not see any practical usefulness in bitcoin and other coins except for money laundering and tax evasion purposes.
"Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small," - Mr. Rogoff told CNBC's "Squawk Box."
"I think bitcoin will be worth a tiny fraction of what it is now if we're headed out 10 years from now ... I would see $100 as being a lot more likely than $100,000 ten years from now".
Bitcoin price technical picture
BTC/USD is trading at 11,289, off the intraday low reached at $11,167. The coin stays below 100-SMA on the hourly chart. The nearest support comes at $11,000. Once it is broken, the sell-off will extend to $10,800 (200-SMA) and $10,266 (50% Fibo).
On the upside, BTC/USD needs to get back above $11,400 (50-SMA) and $11,500 to gain bullish momentum.
BTC/USD, the hourly chart
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