Bitcoin price analysis: BTC/USD sitting in a tight range, waiting for US Congress talks

  • BTC/USD is trapped at $8,800
  • The US Congress will discuss blockchain applications

The Bitcoin price advanced towards $8,800 in the morning but  has failed to make any progress since then. 

The US Congress is going to discuss potential blockchain application later today, which may breathe life into sleepy crypto markets. 

“Beyond Bitcoin: Emerging Applications for Blockchain Technology,” panel starts on Wednesday at 10 a.m. EST. The panelists will explain the basics of the technology and then move on to answering questions from the congressman.

Looking technically, BTC/USD is trading around $8,800 without much progress during the latest several hours. The resistance at $9,000 seems strong enough to be taken out in one go, but once it happens, the upside may be extended towards $9,500 and then to $10,000. The nearest support level is seen at $8,500, while the Bitcoin price needs to stay above $8000 level to keep the sentiments bullish.

BTC/USD, daily chart

BTC/USD daily chart

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