Cryptos still lacks a killer app, says Reddit founder as Bitcoin languishes in a tight range

Bitcoin is changing hands at $6,432, down nearly 1% since this time on Tuesday amid slow and directionless trading dominated by speculative positioning and technical factors. As the market calmed down after alleged Tether manipulations, investor focus shifted back to the upcoming SEC's decision on bitcoin ETF.

No killer up yet

As cryptocurrency enthusiasts often tout cryptocurrency and blockchain technologies as the next great and revolutionary thing after the internet, it is still unclear how many years will have to pass until cryptos gain the same mass adoption and widespread popularity as the internet.  A founder of a popular internet resource Reddit that claims to be "the front page of the internet"  Alexis Ohanian believes that the technology has already passed the midpoint, but we still lack a "killer app" that will push it forward and shape the course of future development.

Mr. Ohanian says we need a crypto version of Netscape, an app that will allow people to look at the technology from another angle and discover new innovation and use cases.

Bitcoin's technical picture

As it is visible on Bitcoin's daily chart, the asset has been sitting in a tight range for a couple of days, above technically and psychologically important $6,400 handle. This area served as a strong support at the beginning of October and it is likely, that bears will have a hard time here again as it is packed with technical levels, including 61.8% Fibo retracement daily, 61.8% Fibo retracement weekly, 23.6% Fibo retracement monthly and a host of SMA levels. We will need a good catalyst to kate the price lower, though once it happens, the sell-off will start snowballing towards $6,200 and possibly $6.060 (the recent low).

On the upside, the first longer-term resistance is created by $6,563 (SMA50, daily) and psychological $6,600, This area limited the recovery since the end of September. Once it is out of the way, the upside may continue towards the next hurdle at $6,800.

BTC/USD, the daily chart