Bitcoin price analysis -BTC/USD gets badly beaten, poking at $9,000 — Gary Cohn believes in crypto, but not in Bitcoin

BTC/USD broke below local support levels with no obvious triggers.
former president of Goldman Sachs Gary Cohn supports the idea of global cryptocurrency.

Bitcoin lost over 8% in just three days, crashing from $10,000 to below $9,000. BTC/USD is trading at $9,017, after a short dip to $8,960. The coin is 3% lower than 24 hours before. BTC has moved into a dangerous support zone as a sustainable movement below $9,000 threshold will trigger selling orders and push the coin deeper into the bearish territory. The downside may be partially explained by US Dollar growth on international markets.

Meanwhile, former president of Goldman Sachs Gary Cohn said that the world will have a cryptocurrency after all, but it won't be Bitcoin. He believes that we will end up with something easier and more user-friendly.

"I'm not a big believer in bitcoin. I am a believer in blockchain technology," Cohn explained in the interview with CNBC. "I do think we will have a global cryptocurrency at some point where the world understands it and it's not based on mining costs or cost of electricity or things like that," he added.

Bitcoin technical picture

The hourly chart shows that BTC/USD is trading below both 200 and 50-SMAs that are located at $9,276 and $9,383 respectively. They are likely to limit the upside on approach to $9,400. Once it is broken, the upside may be extended towards $9,584 (100-SMA). On the downside the vital support comes at $9,000. This psychological level coincides with 50% Fibo retracement of the downside movement from $1,1567 to $6,483. Once it is broken, $8,700 will come into focus.

BTC/USD, the hourly chart

Author Tanya Abrosimova

Posted by David Ogden entrepreneur

Alan Zibluk Markethive Founding Member