Although the price of Bitcoin is on the way down, the overall picture is that BTC still maintains a 110% return since the beginning of this year.
Bitcoin is a good security investment that gives good returns. Meanwhile, gold can give 15-17% return.
Overall, profitable assets including Bitcoin, gold, funds and real estate depend on the market directions in the US and China. When the price gets better in the stock market, Bitcoin may be sold off. The psychological pressure for Bitcoin price is the fact that Libra are losing its allies and the endorsement of Bitcoin’s ETF was rejected by the US Securities and Exchange Commission.
According to sources, 18 million coins have now been mined or 80% of the total supply of Bitcoin. There are only three million BTC left to be mined. Time for miners may be running out now.
Bitcoin
Overall: Downside
Bitcoin price continues to go down. It has broken the US$13,000 price mark. However, the price cannot still hit a new high. In the short term, the price could move sideways to hit the significant support level of US$7,700. If it goes further down, it has the potential to move even lower than US$7,700.
On the other hand, Bitcoin price may encounter resistance at US$8,800 in the short term. Speculators can buy at the support line and the resistance line mentioned above. Remember to sell once the price hit lower than US$7,700.
Ethereum
Overall: On the way down
Ethereum price is on the downtrend. It goes sideways in the short term after the price hit lower than US$150. However, it can bounce back. With the tool like Fibonacci, short-term resistance is at US$190 and major resistance stands at US$230.
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