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Bitcoin Price Upside Capped At $10,000

Bitcoin price BTCUSD

Bitcoin price managed to reverse early losses, and as of writing trades on the positive ground as the positive momentum that formed after the recent correction that tested the 100-day moving average is intact. Traders now expect another move to the $10,000 mark that the number one cryptocurrency has rejected twice in May.

Bank of Korea announced that it is exploring the possibility of using different distributed ledger platforms such as Hyperledger Fabric and Coda in its own CBDC project. The central bank will continue to exchange information with tech firms and plans to seek external technical advisors. The Bank of Korea released a research report on the progress of central bank digital currencies (CBDC) around the world.

The research shows that recent advances in payment systems, decentralized ledger technology (DLT) and the sharp decline in cash use are the main factors driving central banks to research and develop CBDCs.
Many central banks from countries such as Sweden, Canada, Singapore, Japan, Thailand, and Hong Kong have announced the implementation of distributed ledger technology in their CBDC research.

According to the Bank of Korea report, China and Sweden have already completed proofs-of-concept and have reached the pilot stage, while the Bahamas’ central bank digital currency is in trial operation.

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Bitcoin Price Technical Analysis   

Bitcoin price is 0.68% higher at $9,776 while during the Asian session BTCUSD hit 9,455. Bitcoin price takes a position for one more attempt to the $10,000 mark. The technical outlook for Bitcoin is bullish as the price continues making higher highs and higher lows. What can cancel the bullish momentum is a break below the 100-day moving average. 

On the upside, first resistance stands at $9,903 the daily high. The next strong resistance for BTCUSD will be met at $9,985 the high from yesterday trading session. In case of a move higher, then the bulls will be looking for an extension above 10,073 the high from May 7. 

On the contrary, immediate support for Bitcoin stands at $9,455 the daily low. The next level to watch in case of more selling pressure is at $9,231 the low from May 16 trading session. Next support zone stands at $8,834 the low from May 13.  

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