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Bitcoin [BTC]: US-China tensions fueled the cryptocurrency’s growth, says Tom Lee

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Tom Lee, Co-founder of Fundstrat, spoke about Bitcoin’s [BTC] recent hike over $8000, during an interview with CNBC Fast Money. Tom Lee pointed out the possible reasons that were acting as catalysts for this surge and also spoke about the future position of cryptocurrencies.

Lee stated that the cryptocurrency was seeing a “steady rise” over the past few months, adding that it started to look “more parabolic.” He further stated that there were several events that occurred recently, thereby fueling Bitcoin’s upward move. One among them was the Consensus conference taking place in New York. On this, the Co-founder stated that the event brought together the entire cryptoverse in a “much more higher quality form,” while also highlighting the fact that scams and ICOs have seen a significant decrease.

This was followed by Lee stating that one of the “notable” catalysts was the “tension between the US and China.” He stated that “it’s really sort of sparked this potential risk of some sort of systematic meltdown and crypto is correlated.”

Further, Tom Lee spoke about what would happen next with Bitcoin. He stated that crypto-winter was practically over and that the largest-cryptocurrency was “technically above its 200 days.” He also stated that there have been several positive developments, including announcements made during the Consensus conference, like Bakkt launch and merchants accepting the coins for payments.

Lee also stated that the halving, which is set to occur next year, was also one of the reasons contributing to the rise. He pointed out that this phenomenon had occurred previously, where Bitcoin’s price starts to rally about 12 months before the halving season. He went on to state,” […] then of course in Asia, there’s been a couple of events that has affected the supply because there was a hack on an exchange in Asia and for the past week, there have been restrictions on either withdrawing or adding funds to anyone on the exchange. That’s again affected supply, this supply and demand are obviously affecting Bitcoin […]. “

Additionally, he stated that Bitcoin closing the gap to the $10,000 level was driving positive sentiments among investors. Additionally, Lee was asked about his opinion on Bitcoin playing the role of a major safe haven in the future, if central banks had a possible meltdown. He stated,“[…] I think its going to be an asset that will look attractive in the event of a tail risk. A tail risk event of either the loss of state and central banks, that’s the original reason cryptocurrencies were developed. So, you know and that sort of spectrum deep risk, I think Bitcoin is the epic digital gold […]”

Source/ambcrypto

Bitcoin

Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector

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  • BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
  • BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.

After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.

BTC/USD Confluence Detector

fxsoriginal

Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.

On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.


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Bitcoin to soon be accepted at 65,000 Swiss Retailers

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  • 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
  • The new development comes on the back of a partnership between Bitcoin Suisse and Worldline. 

It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services. 

65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline. 

It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.

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Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

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  • 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, failing to attract commitment. 
  • The bulls must again breakdown and hold above the $9000 price mark for greater upside. 

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure. 

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher. 

Spot rate:                   8,771.49

Relative change:       +0.50%

High:                          8,838.90

Low:                           8,707.85

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