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  • Bitcoin is consolidating a bearish flag pattern; downside movements could continue in the medium-term before a sustained pullback comes.
  • “Fundstrat found that accepting payments via BitPay is considerably simpler, faster and less expensive than bank wires,” Thomas Lee said in a comment.

Although Bitcoin has dropped massively this week, a wider look at the charts shows that that the largest cryptocurrency by market capitalization has maintained higher levels than those recorded at the end of June and the beginning of July. Bitcoin is the beast of the cryptocurrency industry, for instance in July, BTC/USD added more than $1,000 to trade above $7,400 in less than two days. While the surge in July was linked to Bitcoin ETFs likely approval by the SEC and fresh money from big investors especially that fueled by the devaluation of the Chinese currency due to the current war trade between China and the US, Bitcoin is trading at higher levels compared to a month ago as seen on the chart.

The recent declines broke below the month-long trendline, however, the support above $7,400 is holding ground just fine. Besides, BTC/USD has cleared yesterday’s the resistance at $7,600, but movements to the upside are currently limited below $7,700. Currently, the price is settling into a bearish flag pattern, which means that Bitcoin downtrend is far from over. It could retest $7,400 before pulling back towards the psychological $8,000. In the meantime, the 100 simple moving average on the 15-minutes chart is offering immediate support at $7,625. The RSI and the stochastic on the same chart are heading south signaling that the bears have the influence in the near-term.

In other news, One of Wall Street’s research companies, Fundstrat Global Advisors has commenced receiving Bitcoin payments via BitPay. Fundstrat was co-founded by Wall Street’s analyst Tom Lee. It is an independent research firm and is now the first Wall Street research organization to accept Bitcoin payments. Its clients are institutional investors, high net individuals among other highly esteemed clients. Thomas Lee, the co-founder of the firm comment on the new development saying:

“Fundstrat found that accepting payments via BitPay is considerably simpler, faster and less expensive than bank wires.” He added, “Bitcoin payments make it easier for our clients, particularly those outside the US, by offering more options to pay for our research services without having to deal with the hassles of currency translation.”

BTC/USD 15-minutes chart