Economy

'Bitcoin is the best house in a tough neighborhood'

'Bitcoin is the best house in a tough neighborhood'

"Hashrate is one of the key indicators of the Bitcoin's network strength and I'm extremely surprised to see that with the steady increase in hashrate we have seen the Bitcoin price drop back down to $7,000". In addition, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the BTC price was falling. Rather it is in a constant dynamic state of evolution, this is not something to inspire fear within the new investor but rather to aid the new investor with hope, no matter how the markets are now performing, there is one thing that can be held in absolute certainty.

Tom Lee, the CEO of Fundstrat Global, told CNBC in a recent interview that investors still believe that Bitcoin is the best cryptocurrency in a "tough market". BTC/USD is now testing an important support at $6,400, below which, it could slide to $6,000.

Looking at the chart, BCH price is slowly recovering, but it won't be easy for buyers to push the price above $610 in the near term.

However, buyers faced a strong resistance area near $6,620 and the 21 SMA.

It seems like the price failed to hold gains above $6,500 and moved back below $6,450.

The drop in the price of Bitcoin came as a result of the SEC decision. Meanwhile, the near-term support is seen at $400.00 and resistance at $420.00.

According to Newton, while investors continue to be frustrated by the developments on the BTC ETF front, the SEC is unlikely to approve any filing unless the necessary custodial tools are in place. Ether sellers took control and pushed the price below the $370 and $360 levels.

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Later, the price corrected a few points and moved above the $363 level. It represents the 38.2% Fib retracement level of the recent decline from the $712 high to $565 low. However, buyers failed to keep the price above $362. The next supports are at $335 and $315.

Bitcoin's price remains low, despite a couple of positive developments in the cryptocurrency sector. XRP/USD declined heavily and broke a crucial support level near $0.4240.

XRP (XRP) traded 8.9% lower against the dollar and now trades at $0.38 or 0.00005661 BTC.

Yesterday, August 7th, the BTC price was in a bearish trend. However, recoveries are likely to face many challenges near the $6,800 and $7,000 levels.

BTC price is under a lot of pressure below $7,000 and it is testing the last important support before $6,000. It nearly tested the $5.00 support and formed a low at $5.33.

The 23.6% Fib retracement level of the last slide from the $7.23 high to $5.33 low is also acting as a barrier for buyers.