Bitcoin – BTCUSD recovers today some of yesterday’s losses in a volatile session. BTCUSD yesterday breached above the $9,000 mark but soon sellers stepped in and pushed the price down to $8,454 the old resistance level.
Christopher Giancarlo, the former head of the CFTC, has created the new Digital Dollar Foundation to promote the development of a digital US dollar. The new organization, is a think-tank that will focus on developments around transforming the US dollar into digital currency or asset based on blockchain or a blockchain-like technology.
Bitcoin in early Asian trading session hit the daily high and retreated. As of writing bitcoin is 0.25% lower at $8,664. The capitalization now stands at 157.90 billion. The capitalization of the 100 largest digital currencies is at 237.80 billion.
Bitcoin is accounting now for 66.4% of the total cryptocurrencies capitalization.
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Bitcoin – BTCUSD Under Pressure Below $9,000
Bitcoin rejected yesterday for the third time in the strong resistance at $9,000 mark. Despite the crypto pair made fresh highs the price above $9,000 attracted strong offers. The technical outlook is still positive for BTCUSD.
Looking south, first support will be met at $8,619 the daily low. If BTCUSD pair breaks below that level, the next support stands at $8,562 the low from January 15th. More offers might emerge at $8,454 the low from the trading session yesterday.
On the upside, the bulls will face minor resistance at $8,725 the daily top. A credible break above $9027 the 200-day moving average might be the start of another leg higher. Next supply zone stands at $9,252 the high from November 8th.