fxs_header_sponsor_anchor

Bitcoin price analysis: BTC/USD runs out of momentum, reverses trend to test key support; Russia considers launching a national cryptocurrency

  • Russia to launch the CryptoRubble in order to reduce dependency on the USD as well as avoid various sanctions.
  • Bitcoin price smashes through various support areas only to be supported above $8,275.

Bitcoin price is trading above $8,300 after it lacked the momentum to attack $8,600 during the session on Monday 21. The king of the digital assets extended the declines smashing its way through the support areas at $8,475, $8,400 and $8,300. The declines were, however, stopped above $8,275. There is a general downward trend among the major coins in the market as well with Ethereum recording a 0.51% decrease on the day while Ripple is also down 0.16%.

Various countries across the world have expressed their desire to have a national cryptocurrency. While United States sanctions are top among the reasons why these countries want to go the crypto way, other reasons include financial freedom for their citizens and even reducing the dependency on the USD. Russia, Venezuela and Iran were the first countries to propose national digital assets. Venezuela went ahead and launched its Petro token in the first quarter of 2018. Russia is considering releasing the CryptoRubble to function as a virtual currency that can be used to process transactions, reduce the time taken for cross-border transactions besides, lowering the costs.

Bitcoin price, on the other hand, is currently trading at $8,310, although it is facing resistance from the 61.8% Fib retracement level with the last swing high of $8,565 a low of $8,192. The price is trading below the moving averages on the 15’ intraday chart, which show that there will be a dominance of selling pressure in the near-term. An immediate support is at $8,300, but further declines will be stopped by the support zone at $8,275.

BTC/USD 15’chart

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.