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Bitcoin Hangs on Stubbornly above $9,000, Trendlines Stable

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On a day when every crypto search term and keyword has been focused on Facebook’s announcement of the Libra crypto project and Calibra wallet, Bitcoin has withstood a flurry of selling pressure to remain trading at USD 9,132 at 12 noon UTC (CoinDesk), just about 1% lower than yesterday at the same time.

There was a couple of scares during Tuesday’s trading in North America when sharp selling pressure twice caused Bitcoin to dip momentarily below USD 9,000, although that former point of resistance has now become a strong support zone. Asian markets once more brought the bulls out to play, however, taking Bitcoin as high as USD 9,200 before price eased off during Central Europe trading.

Both optimists and pessimists have taken to shine their praise or criticism on the new darling of crypto, so for once, Bitcoin is out of the spotlight. Facebook’s Libra has now been confirmed to be a crypto stablecoin, at least according to its white paper. Many believe that this news should be good for the industry as a whole, since Facebook, along with its legion of social media apps such as WhatsApp, Instagram, Oculus and LiveFeed, will ensure hundreds of millions of people will now be exposed to crypto and Bitcoin.

The immediate impact of this news has yet to be seen on the Bitcoin speculatory market, however, with trading in the past 24 hours swinging on both sides of the current trendline, unable to make up its mind. A performance to take it to USD 9,450 would probably cement the bullish pattern, although a break to USD 8,800 could also spell a bearish tone, for the short term at least.

Many traders are awaiting the breakout:

The sentiment is still, however, very much on the bullish side, according to MXInvesting.


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