- Bitcoin is rangebound, vulnerable to losses.
- Adena Friedman from Nasdaq speaks about cryptocurrencies.
Bitcoin is stuck in a narrow range marginally above $7,600 level. The coin No.1 recovered strongly late on Tuesday, but lack of follow-through cast doubt on a sustainability of the recovery.
Speaking in an interview with Bloomberg Business Week, Adena Friedman, president, and CEO of Nasdaq Inc., said that cryptocurrencies had become a financial element of the Internet and reached the highest point of the hype cycle. She believes that digital currency is a very speculative asset with no natural foundation or commercial purpose, at least at the current stage of their development. Once they become more mature. they will provide “more seamless way for commerce”.
Bitcoin’s technical picture
From the short-term point of view, the price stumbles at $7,683, which is 23.6% Fibo of the decline from $11,567 to $6,483. The local support is created by $7,600 and 200-SMA (30-min chart) at $7,590. Once it it broken, the downside will be extended towards $7,554 (50-SMA) and $7,522 (100-SMA).
BTC/USD, 30-min chart
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