Bitcoin price shifts above the pivotal $8,000 level as cryptos are tainted with pessimistic comments from Atlanta Fed President Raphael Bostic
|- The Fed President says that cryptocurrencies are nothing but speculative markets.
- BTC/USD breaks above the price barrier at the 23.6% Fib retracement level.
Bitcoin price has sharply ascended to trade above the pivotal $8,000 level. There is a growing buying pressure on the intraday 15 minutes timeframe chart. The upside gains seem to have been capped under $8,088, however, $8,100 seems to be within reach.
The largest cryptocurrencies are appreciating in price despite the pessimistic comments from various leaders. The Atlanta Fed President Raphael has been reported saying that cryptocurrencies “are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’ Read more here.
Still, on the same pessimistic line, the SNB's Maechler says she does not believe cryptocurrencies will be broadly accepted as conventional currencies.
Technical Analysis
Bitcoin price has broken above the earlier stated barrier at the 23.6% Fib retracement level with the previous swing high of $9,012 and $7,340. The level is now acting as the immediate support at $8,035. If BTC/USD continues to retrace higher the next major resistance will be encountered at the 38.2% Fib retracement level above $8,200. At the moment, the price is correcting higher and a bullish trend is forming $8,081. The immediate support level is at $7,876 level. A break below this level could open the door towards the major support level at $7,770.
BTC/USD 15 minutes intraday chart
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