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Crypto Industry News:
Abra's CEO and founder, Bill Barhydt, said he views Bitcoin as a means of custody, increasingly distancing himself from mainstream market price correlation.
"Today, Bitcoin is best suited for storing value, which over time will be increasingly correlated with traditional investment markets," said Barhydt.
After Bitcoin's beginnings in 2009, assets have followed a dizzying path of price increases, going from less than $ 1 all the way to nearly $ 20,000 at a high in 2017. With this price journey, different views and use cases have emerged for this resource, says PlanBm creator of the stock-to-flow model.When Bitcoin reached $ 1, the narrative focused on using the coin as a transaction currency. As its price has risen steadily over the past decade, assets have become the focus of attention as a possible asset retention option. The assets also made their fair share of gold, often referred to as "digital gold".
"Bitcoin's nickname as" digital gold "is the best analogy I have seen so far, said Barhydt, referring to an earlier statement.
Bitcoin theoretically has no direct links to the major financial markets as it is away from government control. However, the asset showed seemingly correlated activity with traditional markets in points, while at other times it travels on its own price path.
"Bitcoin is a fantastic insurance policy against traditional markets, while governments run amok irresponsibly pushing their economies into the ground. It is also the best showcase ever created for global decentralization" Barhydt added at the end.
Technical Market Outlook:
The BTC/USD pair has been slowly moving higher towards the level of $9,148. The bulls have managed to break through this level and made a local high at the level of $9,201, but there was a Pin Bar candlestick formation made at the top of the move. It might indicate increased bearish activity around the level of $9,200, so traders should keep an eye on this level today. The momentum is now neutral, but the recent breakout through the trend line resistance might accelerate the rally towards the level of $9,240.
Weekly Pivot Points:
WR3 - $9,569
WR2 - $9,411
WR1 - $9,271
Weekly Pivot - $9,117
WS1 - $8,968
WS2 - $8,812
WS3 - $8,862
Trading Recommendations:
The volatility on Bitcoin has been subdued for more than two months now, so the larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.
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