- Miners will create a long-term bullish environment for Bitcoin.
- BTC/USD is locked in a tight range on an intraday basis.
The head of one of the world’s largest digital exchanges Changpeng Zhao, “CZ”, believes that halving is a very positive event for the cryptocurrency industry as miners might be willing to hold their BTC longer to wait until the price goes above their break-even costs. In a recent interview with Bloomberg, he said:
There’s a psychological effect, which also pushes the price up, but fundamentally I believe supply is limited, but demand is increasing exponentially.
Meanwhile, BTC/USD is hovering above $8,700 with marginal gains on a day-to-day basis. At the time of writing, the first digital coin is moving within a short-term bullish trend amid low volatility; however, a sustainable move above $9,000 is needed for the upside to gain traction. Once it happens, the recovery may be extended towards $9,150. This resistance is reinforced by 1-hour SMA100 and SMA200.
On the downside, the initial resistance comes at $8,700 with 1-hour SMA50 located below this level. Once it is broken, the sell-off may gain traction with the next focus on Monday’s low at $8,187 followed by $8,100.
BTC/USD 1-hour chart
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