Tanya Abrosimova
Independent Analyst
- Bitcoin is grinding higher amid quiet trading session.
- Monex CEO believes in bright future of crypto assets.
Bitcoin is back in green zone as European traders are back to their trading desks and eager to look around. The digital coin No.1 has gained 1/25% since the start of the day and moved above short-term resistance created by 50-SMA on the hourly chart.
The fundamental background is mildly positive for the crypto universe as Hong Kong regulator confirmed that virtual currencies do not pose substantial risks in terms of stimulating criminal or illegal activities. Read more about it here.
At the same time, Oki Matsumoto, Wall Street veteran and CEO of Japanese online broker Monex, provided positive insights, saying digital assets may repeat the success of derivatives, that were new and innovative 38 years ago, but considered to be very common now.
"Regulators really hated derivatives in 1980 but just soon after that they really embraced them," he said on stage at the Japan Society in New York on Tuesday. "What's happening in the crypto world today is very similar to derivatives in the 1980s, and sooner or later all of those regulatory frameworks will be fixed."
Bitcoin technical picture
The threshold at $9,000 proved its strength as fresh buying interest clustered around this level helped the price to recover towards $9,134. On the intraday level, BTC/USD has made its way above 50-SMA at $9,100, which improves the short-term technical picture. The first local support is created by $9,000 and followed by $8,700 and $8,000. The resistance is created by $9,120 and $9,200 (100 and 200-SMAs, hourly chart).
BTC/USD, the hourly chart
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