- Bitcoin bears paused before the weekend
- Central bankers continue criticizing cryptos.
BTC/USD is changing hands at $6,680, unchanged since the beginning of the day. The digital coin No. 1 is rangebound after strong movements earlier this week. but weekend may bring another bout of volatility.
Meanwhile, global central bankers continue criticising digital currencies. Mugur Isarescu from Romanian central bank suggested that they are impractical due to high operational costs and low level of acceptance among retailers.
“They can hardly be called a means of exchange, the number of retailers that accept Bitcoin is insignificant, the number of transactions is small. In the same time, the operation of payments with virtual currencies takes more time and has bigger costs versus the existing payment options,” the governor said.
Mark Carney from Bank of England voiced similar position earlier this months.
Bitcoin’s technical picture
From the longer term perspective, BTC/USD recovered from lows of 2018, but the upside momentum is rather weak. The price is moving within the upper channel of downside Andrew’s Pitchfork, which means that BTC may rise to $7,000-$7,200 with no harm done to bearish trend. On the downside, move below $6,000 will extend the sell-off with the long-term bearish aim at $4,000.
Share
