Bitcoin Moved to Test Key Support Near $9,000

Bitcoin Moved to Test Key Support Near $9,000

Bitcoin Moved to Test Key Support Near $9,000

$BTCUSD

Thursday, after a quiet start to cryptocurrencies came under selling pressure, with market participants speculating about large blocks of cryptos being offloaded, pushing Bitcoin’s value lower.

Bitcoin, the world’s #1 digital currency traded in a $200 range Thursday before giving up $220, or 2.3% quickly.

Currently, Bitcoin is trading at: 8,918.7852, -352.21, or -3.80%, as of 5:05a BST Friday, the market is open

Despite the Thursday mid-afternoon decliner, Bitcoin holds above Key support at $9,000 where long buyers bids are stacked.

The Bulls call this action and accumulation phase.

The Bears say it it the market turning cautious on headline naysaying

Despite the sharp decliner there are a number of support marks between $8,500 and $9,000, which will limit the extent of any sell, from the looks of the action, the decline is a short-term stop-loss transaction/s.

Good stuff to know

A few years ago cryptocurrencies were little known, since they have expanded and are the focus of speculators and investors alike who have driven the value of Bitcoin due North, it rose more than 1,300% in Y 2017.

A recent survey revealed that Asia remains the most popular region for cryptocurrency owners.

Surveying nearly 30,000 people across 8 countries, 49% of respondents said they have some knowledgeable of cryptocurrencies.

Of the countries polled, Japan, 61%, and South Korea, 60, topped the list with the US ranked 5th with 47%.

Additionally, Japan topped the list for cryptocurrency ownership.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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