- “It will probably have some blockchain technology behind it, but it will be much more easily understood…” Gary Cohn said on CNBC.
- The 100 SMA is offering resistance on the upside close to $9,250.
Bitcoin price came into close contact with $9,000, but it bounced back upwards and currently, it is exchanging hands above $9,100. The crypto market is bearish with most of the coins recording considerable declines. For instance, Ethereum Classic (ETC) is down over 9% while Stellar (XLM) is also nursing losses over 8%. Bitcoin price, on the other hand, is recording declines of 2.36% in the last 24 hours.
Bitcoin was created in 2008 to be able to replace the traditional financial system that is controlled by a few individuals backed by the financial authorities. However, nearly a decade after, instead replacing the traditional fiat system, the virtual currency has been grappling with growing demand for regulation. While Bitcoin adoption is matter of discussion for another day, a former Goldman Sachs President, Gary Cohn has said that he sees a future with a global cryptocurrency. However, he believes that this global crypto will not be Bitcoin. While on CNBC’s ‘Squawk on the Street’, Gary Cohn said:
“I do think we will have a global cryptocurrency at some point where the world understands it and it’s not based on mining costs or cost of electricity or things like that.” Gary added, “It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it,”
Bitcoin price analysis
Goldman Sachs is a beehive of activities, with the latest being that it is working on opening a Bitcoin trading unit. In the meantime, Bitcoin price is trading below the bullish trend line we have been monitoring for over a week now. On the upside, BTC/USD will face resistance from the 100 SMA ($9,250). Further up, it will have to overcome resistance at $9,400 before attacking $9,500 again. On the downside, an immediate support is highlighted at $9,000. If this level fails to hold, $8,750 will provided the much-needed support.
BTC/USD 4-hour chart
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