Bitcoin is facing further losses after the bulls failed to capitalize on price gains seen this week.
The cryptocurrency’s quick pullback from a 2.5-week high of $8,830 to below $8,400 this morning has invalidated a bullish breakout on the 4-hour chart seen Wednesday, as seen below.
The failure to hold above the 200-day moving average (MA) at $8,654 has also weakened the bullish outlook on the daily chart and may have shifted risk in favor of a drop to $8,000 in the next 24 hours.
Where can I spend bitcoin?
The cryptocurrency isn’t just a risky investment opportunity for the adventurous; it’s becoming an alternative way of paying for regular things. Over 100,000 merchants worldwide accept bitcoin, including Microsoft, Expedia, Burger King, ie. Another important factor is the number of Bitcoin ATM. The Top 2 Countries are:
- United States
United States has the most number of bitcoins ATMs as compared to any other country. These ATMs are located at 4480 areas in different states of U.S. in 2017 the statistics were only 1000 which the huge increase in demand of digital currency.
The vary first bitcoin ATMs was opened in Vancouver, Canada. It facilitate consumers to exchange their credits of the digital currency for cash and vice-versa. 754 bitcoin ATMs are located there.
You can also buy a house / condo with bitcoin, and it’s not as hard as you may think. You just need one thing: For the buyer and seller to agree on exchanging bitcoin for the property. Chinese buyers are hardly the only ones purchasing property with cryptocurrency. In 2017, Europeans used bitcoin to buy luxury apartments in Dubai’s Aston Crypto Plaza, a project spearheaded by British Baroness Michelle Mone.
Can we eventually have these magnificent condos in Toronto, Canada being sold in Bitcoins as well?
Bitcoin crossed the 200-day MA in the Asian trading hours on Friday and jumped to highs above $8,800, as expected. The breakout was short-lived, however, and prices fell from $8,820 to $8,356 in the 60 minutes to 06:00 UTC.
The failure to hold above the long-term average – a barometer of the long-term trend and a level which has acted as stiff resistance over the last two weeks – may embolden sellers, possibly leading to the deeper slide to $8,000.
A daily close above the 200-day MA is needed to revive the short-term bullish setup.