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  • BTC/USD is trading below $6,600 amid low trading activity.
  • Malta’s PM promotes Bitcoin, says it’s the future.

Bitcoin, the digital cryptocurrency No.1 is changing hands at $6,575 after a failed attempt to break above $6,600. The short-term perspectives of BTC are clouded as the recovery attempts are capped by SMA50 (1-hour) at $6,580. BTC lost nearly 10% of its value in September, however it is still 50% higher on a year-on-year basis.  

What’s going on

Malta is on the way to become a global blockchain and cryptocurrency hub. The country has developed a regulatory and legislative framework for the industry and offered favorable business conditions for blockchain and crypto-related companies to attract innovations and investments.

According to Malta’s Prime Minister Joseph Muscat, blockchain technology will foster bitcoin and crypto mass adoption. He believes that virtual money is our future as they allow to reduce  third party service providers and return users  control over information and money.

“I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island,” he said at the General Assembly of the UN.

“By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent, it helps filter good business from bad business.”

Bitcoin’s short-term technical picture

BTC/USD dropped below $6,600 and stayed under this handle since Monday morning. The local resistance is created by $6,580 (SMA50, 1-hour) and $6,600. Once above the recovery may be extended towards Monday’s high at $6,647.  

On the downside, the first support is produced by SMA200, 1-hour at $6,552 and followed by $6,483 (Monday’s low).

BTC/USD, 1-hour chart