Bitcoin price analysis: BTC/USD threatening to revisit $10,000; while JPMorgan Moves to Patent Interbank Blockchain Payment Network
|- The DLT based system will be used to facilitate interbank transactions on the basis of a peer-to-peer network.
- The indicators are showing bullish signals while another upside breakout could mean that BTC/USD could test $10,000.
Bitcoin price has maintained a bullish trend since the beginning of May despite April being the month it ushered in the upward momentum after an extended selling period in the first quarter of the year. The cryptocurrency is up 5.38% in the last 24 hours as the trader usher in the weekend trading. BTC/USD broke above the resistance area at $9,500, although it is currently trading at $9,692.
In other news, JPMorgan has been reported to have filed a patent for a blockchain-based system that enables interbank fund transfer. In the patent, the bank describes the distributed ledger technology system that it intends to use in facilitating interbank money transfer on the basis of a peer-to-peer network. One section of the document uses the language below:
“In one embodiment, a method for processing network payments using a distributed ledger may include: (1) a payment originator initiating a payment instruction to a payment beneficiary; (2) a payment originator bank posting and committing the payment instruction to a distributed ledger on a peer-to-peer network; (3) the payment beneficiary bank posting and committing the payment instruction to the distributed ledger on a peer-to-peer network; and (4) the payment originator bank validating and processing the payment through a payment originator bank internal system and debiting an originator account.”
The bank hopes that the success of the system will give the chance to expand its use to other ‘sub-banks’.
Bitcoin price analysis
The indicators are showing bullish signals while another upside breakout could mean that BTC/USD could test $10,000. The price is trading above the bullish trend line, while the MACD is at +161. The gap between the moving averages is reducing signalling more buyers to enter. A short-term support is the 61.8% Fib retracement level with the previous swing high of $11,675 and a low $6,450. The next target is at $9,500 (100 SMA), while $9,200 will also provide support on the downside.
BTC/USD 4-hour chart
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