BTC price is under a lot of pressure below $7,000 and it is testing the last important support before $6,000.
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The U.S Securities and Exchange Commission (SEC) announced hours ago that it would not be making its Bitcoin ETF decision until next month, which led the market to react negatively to the news.
The daily chart of BTC/USD indicates that the price broke the 50% Fibonacci retracement level of the last significant upward move from the $6,096 low to $8,510 swing high. It dropped below $6,000 at the end of June - its lowest value all year.
In an interview with Block in Press from South Korea, Michael Arrington, founder of TechCrunch and the Partner Arrington XRP Capital, stated that XRP (XRP) outperforms Bitcoin (BTC) and Ethereum (ETH) regarding transactions. According to Satoshi Pulse statistics, the exchanges swapping the most bitcoin core this Wednesday include Bitflyer FX, Binance, Bitfinex, Okex, and Coinbene.More news: Michael Ball gives verdict on Everton’s summer transfer business
The latest mini-rally in Bitcoin has yet again been thwarted by sellers, with the price nearing its recent low as confidence in the cryptocurrency marker remains at a low ebb. They will reportedly be using a so-called "phased approach" for Dollars trading as the process takes a "gradual approach to ramping up these markets in order to ensure quality in processes and systems before making them available to qualified customers". The bearish pressure is likely to continue to the support level. One Bitcoin File coin can now be bought for $0.0171 or 0.00000241 BTC on popular cryptocurrency exchanges including Gate.io and Huobi. Its price is -3.29% down in last 24 hours. The top currency swapped for BCH today is tether (USDT) with 54 percent of today's BCH trades. The price per ETH stood at Dollars 376.91. Further price action under this level would see BTC head below $6,000 and towards support at $5,932, the February 6 low.
Hourly MACD - The MACD for BCH/USD is slightly placed in the bullish zone. RSI levels also show oversold conditions as the oscillator hovers around 21.4 at press time.
Looking at the 4-hours chart, the price settled below the $6,815 support area and the 21 simple moving average (4-hours). If bears get their way, the fall to sub-$600 regions will hold decently between $590 through $530 for some time. Below here the November 6 low at $5,622 comes into play. That pearl of wisdom is that things are always going to change, today we delve into recent movements of Bitcoin, Ethereum and Ripple as well as analysts' predictions for their short term fluctuations.More news: Arsenal coach Unai Emery: Stan Kroenke takeover of club is 'positive'