- Bitcoin price reclaimed $6,600 but the upside momentum lost steam at $6,630.
- “So far it hasn’t proven itself, sympathetic to the technology, sympathetic to people looking for alternative currencies,” Ron Paul said regarding Bitcoin.
Bitcoin price has staged a recovery during the trading session on Monday 16. Until 09:00 GMT, $6,400 was a key resistance (broken support). Bitcoin price sharply cut through the zone along with the resistance at $6,500. The price reclaimed $6,600 but the upside momentum lost steam at $6,630. BTC/USD corrected lower but the downside was supported above $6,580, similarly, the price is fighting for higher consolidation.
The charts show that Bitcoin price is up more than 4% on the day while the trend is still bullish. $6,700 is the next resistance target, but the major hurdle remains at $6,800 in the medium-term. The buyers are fighting for consolidation above $6,630 for now. The stochastic RSI is in the oversold but pointing south and the gap between the moving averages on the 1-hour timeframe chart is widening to confirm that the Bears are seeking entry.
In other news, the former US Representative, Ron Paul is championing for the legalization of Bitcoin and other virtual currencies. He says that the Bitcoin hasn't proven itself and should now be allowed to compete with fiat currencies. Paul said this while on CNBC where he was sharing his opinion on the inflated stock matter in the market with regards to Wall Street. Ron Paul also commented on Bitcoin in the interview saying:
“So far it hasn’t proven itself, sympathetic to the technology, sympathetic to people looking for alternative currencies.”
The former Representative was inclined to having Bitcoin regulated and bringing it to the level where it can compete with fiat currencies. He also said that that denationalization of money is good because it is hard to trust the government, but Paul believes that people have trust in Bitcoin. He continues:
“Cryptocurrencies haven’t been certified yet but I think they should be legal.” Paul adds, “They should never commit fraud, we should not tax money, and we should have competition money.”
BTC/USD 1-hour 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.