link3822 link3823 link3824 link3825 link3826 link3827 link3828 link3829 link3830 link3831 link3832 link3833 link3834 link3835 link3836 link3837 link3838 link3839 link3840 link3841 link3842 link3843 link3844 link3845 link3846 link3847 link3848 link3849 link3850 link3851 link3852 link3853 link3854 link3855 link3856 link3857 link3858 link3859 link3860 link3861 link3862 link3863 link3864 link3865 link3866 link3867 link3868 link3869 link3870 link3871 link3872 link3873 link3874 link3875 link3876 link3877 link3878 link3879 link3880 link3881 link3882 link3883 link3884 link3885 link3886 link3887 link3888 link3889 link3890 link3891 link3892 link3893 link3894 link3895 link3896 link3897 link3898 link3899 link3900 link3901 link3902 link3903 link3904 link3905 link3906 link3907 link3908 link3909 link3910 link3911 link3912 link3913 link3914 link3915 link3916 link3917 link3918 link3919 link3920 link3921 link3922 link3923 link3924 link3925 link3926 link3927 link3928 link3929 link3930 link3931 link3932 link3933 link3934 link3935 link3936 link3937 link3938 link3939 link3940 link3941 link3942 link3943 link3944 link3945 link3946 link3947 link3948 link3949 link3950 link3951 link3952 link3953 link3954 link3955 link3956 link3957 link3958 link3959 link3960 link3961 link3962 link3963 link3964 link3965 link3966 link3967 link3968

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

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