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  • Bitcoin stays under $6,300 as the downside momentum has faded away.
  • Bitcoin enthusiast Jimmy Song shared his views for the industry.

Bitcoin escaped the recent narrow range only to get trapped in a new one. The digital coin No. 1 is changing hands at $6,262, unchanged since this time on Monday.

On the intraday chart, BTC/USD is capped by $6,300, strengthened by SMA50, 1-hour. Once it is cleared, the recovery may be extended towards critical DMA50, currently at $6,450. Both Relative Strength Index (RSI) and Momentum indicator are neutral, implying that more consolidation may be in store at least until European and American traders join the game.

On the downside, $6,200 handle may stop the decline for the time being. The market needs a good trigger for an extended sell-off towards $6,100 and the recent low of $6,060.

Jimmy Song, a distinguished    Bitcoin educator, developer, and entrepreneur, the leading architect of Paxos and vice president of Bitcoin wallet Armory Technologies, discussed his engagement in cryptocurrency industry and his role in educating new developers.

Speaking about the coins that forked from Bitcoin blockchain, Song expressed skeptical attitude, saying that they have low practical value.

“All those coins are absolutely useless, even if I managed to increase the number of Bitcoins in my wallet thanks to all those hardforks. It’s madness! A lot of them were launched in January or February and cost about 1% of Bitcoin. Since that time they devalued 90-95% because they don’t offer anything new and don’t solve any problems.”, he said in an exclusive interview to blockchain and cryptocurrency media outlet Forklog.net.

 

According to Song, Bitcoin is the most secure and the most resistant to hack attacks and very few coins can compete with it on that account.

BTC/USD, 1-hour chart