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Bitcoin Price Could Return to $8,000 After Failed Bullish Breakout: Analyst

  • Alex Dovbnya
    ๐Ÿ“ฐ News

    Bitcoin is currently changing hands below its 200 MA, which is bad news for the bulls

Bitcoin Price Could Return to $8,000 After Failed Bullish Breakout: Analyst
Cover image via www.123rf.com

According to Coindesk's analyst Omkar Godbole, the Bitcoin price could soon return to the $8,000 level after a failed test of the $8,800 resistance. 

As reported by U.Today, Bitcoin experienced a precipitous drop on Oct. 11, which instantly pained the whole cryptocurrency market red. As a result, there was a knee-jerk reaction that would it embolden the bears to push for another dip below the $8,000. 

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However, 'The Wolf of All Streets' recently tweeted that the selling pressure was weakening, which means that the probability of another sell-off is not that high. 

At the time of writing, the coin that started it all is trading at $8,348, below its 200-day MA of $8,654.

Godbole says that Bitcoin needs to record a daily close above the aforementioned level in order to revive its bullish momentum.   


Will Bitcoin be able to recover after another drop? Feel free to share your prediction in the comment section. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry โ€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Heโ€™s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    ๐Ÿ“ฐ News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fedโ€™s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fedโ€™s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

โ€œIt is inevitable. I think it is better for us to start getting our hands around it.โ€

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of โ€‹โ€‹creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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