Bitcoin News

Bitcoin Stays Afloat Above $9.5k Yet Appears Plummeting in the Intraday

PayPal—a payment intermediary and Bitcoin—the future has been center staged on twitter lately after PayPal and Venmo look forward to offering Bitcoin purchases. However, the story of PayPal aligned to the name of Bitcoin is not a recent thing. Back in the day (in 2018), PayPal CEO Bill Harris, said that so-called cryptocurrency has no value and is nothing but a pump and dump scheme. Alongside, Harris also claimed that Bitcoin is the greatest scam in history.

Pump and Dump—in common parlance is an illegal action by an investor or a group of investors in order to create a hype of the security they hold and then short it once the price spikes due to increased highlight of the particular security which is a result of an endorsement.

Now, the fact that it is hard to digest is, “A believer of Bitcoin scam (PayPal CEO) is now looking forward to offering Bitcoin for purchases.” Well, PayPal shills Bitcoin with an early realization of “Bitcoin is unstoppable, and Bitcoiners on social media strongly believe that PayPal couldn’t hold a fight against Bitcoin and, therefore, are joining Bitcoin.

This looks like the safest move for the platform to increase the adaptability of the growing domain and sector.

However, it would be too early to comment on whether the price will have an escalating effect or otherwise, but it was just today when Bitcoin price tested an imminent resistance at $9.6k. Moreover, BTC has been trading well above $9.5k since the closing hour yesterday until the time of writing.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

The intraday movement of Bitcoin has been giving a complex trend picture against the US Dollar. Amidst the price oscillations of BTC, it will be wrong to state that altcoins are influenced by the greatest cryptocurrency by market cap as we have welcomed the altseason. Having said that, it is essential to mention that the smart contract-based platforms have lured hands-down integrations and partnerships, which has benefitted the native coins of the platforms as well. Ontology, DigiByte, VeChain, Verge have been some of the most talked-about cryptocurrencies of the market these days.

That doesn’t mean people had forgotten Bitcoin and its charm as the market influencer and market driver, and thereby, we saw an amazing blow of momentum yesterday when the Bitcoin reclaimed around $9.7k after two weeks of trading sideways. It was just before the closing when BTC regained the lost momentum and little did we know about the same being short-lived, Bitcoin price trend appears drawing a downtrend today, until the press time.

The technicals show that today trading in Bitcoin was nothing more than an opportunity to hit the right chord at the right time. At the press time, BTC/USD price trend was already below 38.20% Fib Retracement level due to intraday loss of momentum and traded at $9.63k. However, the coin is still retaining support from 50-day and 200-day daily MA as it maintains a trading range above $9.5k.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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