The weekend is now upon us, and after some late attempts on Friday by sellers to continue their downward momentum, we can now see the bulls coming out as usual on Saturday to try and steady the ship after yesterday’s slow recovery.
— BNCmarkets (@BNC_markets) August 31, 2019
In late afternoon North America trading time, around 3:00 pm EST, sellers made a last-ditch attempt, lurching price to the day’s low of USD 9,455 (CoinDesk). However, that was the extent of their runs, ensuring that Bitcoin had a higher low for the third day in a row. Price is currently at USD 9,568, with short-term technicals pointing to a climb to Sunday.
Accompanying us for the news are two pieces from Forbes, beginning with that of Mark Carney, Bank of England governor, describing a digital currency that sounds suspiciously a lot like Bitcoin and its crypto cousins, eventually replacing the US dollar as the preferred reserve currency of the world.
In a speech to central bankers gathered in Wyoming, Carney declared:
“[A digital currency] could dampen the domineering influence of the US dollar on global trade… If the share of trade invoiced in [a digital currency] were to rise, shocks in the US would have less potent spillovers through exchange rates, and trade would become less synchronized across countries.”
This comes at the same time David Wachsman, founder of blockchain consultancy Wachsman, also told Forbes: “We’re seeing a revival of Bitcoin.”
Wachsman believes that everything that has happened in the past decade is only growing proof of Bitcoin’s longevity, likening Bitcoin to the hero of the “old reliable” story of the tortoise and the hare.
Bullish news for the weekend to start another attempt for positive trading!
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