Crypto currencies, especially Bitcoin came under pressure over the last week, giving back almost all the gains from the July breakout. The price is trading close to where we saw the July breakout around the $6879 level.
In the news, Rumours surfaced that Starbuck will be accepting digital assets as a method of payment, but these rumours were corrected on Saturday by the coffee retailer’s spokesperson saying - “It is important to clarify that we are not accepting digital assets at Starbucks,” “Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks.”
Starbuck is currently in a joint venture with Intercontinental Stock Exchange (NYSE’s parent), BCG, and Microsoft to create a seamless global network for spending digital assets.
My Technical Take and chart follows below:
Looking at the chart of Bitcoin
The Bitcoin uptrend was broken, and the $7749 support level did not hold (red circle) as described in our Cryptocurrency newsflash of 31st July. We have seen the price move lower over the last week and is approaching the $6879 (neckline) where the price might find support once more.
If the $6879 support level does not hold then we might see the price of Bitcoin move lower back to the June lows.
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