Ray Dalio: 3 BIG Problems With Bitcoin

Contents

New problems are brewing for bitcoin

New problems are brewing for bitcoin
CONTENT

  • Bitcoin tries to recover from recent sales

  • The attack on Twitter accounts harmed the main cryptocurrency

  • Important technical indicator promises further decline for bitcoin

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The decline in Bitcoin this week may be just the beginning of problems for investors in the main digital currency.

On Thursday, bitcoin fell by almost 2%, reaching a low of $ 9,037. Sellers stopped just a few points from the psychological support of $ 9,000. Many market observers associate the recent collapse with a massive phishing attack on Twitter.

New problems are brewing for bitcoin

Most of the hacked accounts advertised the distribution of 5,000 bitcoins through a malicious site. The accounts of many significant figures, including former US President Barack Obama, were under attack..

This attack reminded of how vulnerable cryptocurrency traders are to hacker-related incidents..

New problems are brewing for bitcoin

Around bitcoin and cryptocurrencies in general, the issue of security and risks associated with various kinds of scams has always figured, and, apparently, this concern will not disappear anywhere, at least in the foreseeable future..

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On the other hand, the recent incident serves as another example of how blockchain technology can help improve security for companies like Twitter. Thanks to distributed ledger technology, the social media segment can undergo colossal structural changes that will significantly improve their security.

Bearish signal

That said, there are other factors that speak in favor of maintaining pressure on BTC. Thus, the GTI Vera Convergence Divergence indicator, which measures changes in the ups and downs in prices, is giving a clear sell signal for the first time since early June, when the coin failed to break the round $ 10,000 mark..

Against this backdrop, Matt Mali, chief market strategist at Miller Tabak + Co, warns:

In the event of the loss of the $ 9,000 level, the fall in the bitcoin rate may accelerate, but the situation will worsen if the quotes violate the integrity of the mid-May low around $ 8,636.

At the auction on Friday, bitcoin is making attempts to recover, but the upward momentum is not developing – the quotes oscillate only slightly above the minimums set yesterday, hesitating to test the intermediate resistance around $ 9,200, not to mention the 50-day moving average, which is slightly below resistance $ 9 400. In case of resumption of sales, BTC may go to support levels that can provoke a rebound.

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New problems are brewing for bitcoin

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