Bitcoin price analysis: Battered Bulls battling for support; JP Morgan Chase President reckons “Cryptocurrencies are real but not in the current form”

Bitcoin price analysis: Battered Bulls battling for support; JP Morgan Chase President reckons “Cryptocurrencies are real but not in the current form”

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May 16, 2018 by Anyelier villalobos
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JP Morgan Chase is looking into the technology behind cryptocurrencies. Bitcoin price is eyeing $8,500, in the meantime, it is locked below $8,400. Bitcoin is trading lock-step, making gains and trimming them almost with the same magnitude. BTC/USD price ascended to attack $8,400 earlier today, but selling pressure overshadowed the effort from the bulls leading
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  • JP Morgan Chase is looking into the technology behind cryptocurrencies.
  • Bitcoin price is eyeing $8,500, in the meantime, it is locked below $8,400.

Bitcoin is trading lock-step, making gains and trimming them almost with the same magnitude. BTC/USD price ascended to attack $8,400 earlier today, but selling pressure overshadowed the effort from the bulls leading to yet another slide towards $8,000. However, the buyers are garnering for support in the bearish market and Bitcoin price declines have been halted above $8,150.

In other news, Daniel Pinto, the Co-President of JP Morgan Chase bank while in an interview with CNBC said that they are looking into the digital assets. However, he maintained that the blockchain technology remains of vital importance and will play a big role in the future financial systems. He said that the anonymity of currencies like Bitcoin gives it a short life as a business and that regulations are bound to kill the venture, but he agreed that the concept of virtual currencies is solid and various banks are looking into it. In one of the comment Pinto said:

“I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.”

Lately, many banks, central banks and even Wall Street gurus like NASDAQ and Goldman Sachs have been considering cryptocurrency investments. But the regulations in the market are not levelled making the firms wary of such endeavours.

Bitcoin price is currently exchanging at $8,200 but the immediate resistance is at $8,250. The bulls are still looking forward to $8,500 but the resistance at $8,400 is proving to be a major hurdle. The RSI on the 30’ chart is at the 40 mark while the moving averages show that the sellers have the influence. The immediate support is at $8,150, however, on the lower side, BTC/USD will be supported at $8,100 and $8,000 levels.

BTC/USD 30’ chart