Bitcoin (BTC) price has not been spared by the downside wave that is sweeping across the cryptocurrency market. The charts, especially for the major cryptocurrencies, are bleeding red, well, except for EOS which is in the green and up a subtle 1.07%. Bitcoin price traded above $9,900 over the weekend before it started to correct lower due to selling pressure. BTC/USD rejected key support areas at $9,800, 9,600, and $9,500 during the most recent declines.
The largest cryptocurrency by market capitalization is down over 2% in the last 24 hours while it is trading above $9,300. In an interview at CNBC, Microsoft co-founder Bill Gates reckoned that “I agree I would short it if there was an easy way to do it.” Still, on the Bitcoin topic, he added “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,”
Bitcoin (BTC) has had a good share of critics from its inception and Bill Gates comments not the first, neither will they be last considering that another Billionaire, Warren Buffet referred to Bitcoin as ‘rat poison.’
The BTC/USD 1-hour chart shows a highlighted support area $9,250, although the buyers are battling to push the price higher. Bitcoin price will maintain this support end of the trading on Monday. Failure to which several support areas at $9,200 and $9,100 will stop declines towards $9,000. On the upside, a bullish momentum appears to be shaping up on the same chart, the bulls are eying $9,400 but they will have to overcome the resistance at $9,375.
Ethereum (ETH) Price Analysis
Ethereum (ETH) price traded above $830 ahead of the much anticipated US Regulators meeting that is taking place today May 7. The regulators are discussing the way forward when it comes to cryptocurrency regulation and especially the cryptos that are considered as security tokens. Ethereum, on one hand, has maintained that it is sure that it is not a security token; on the other hand, the regulators say it is a token owing to the fact that it was launched after a crowdsale in 2014. The verdict for Ethereum, Ripple and other cryptocurrencies will come out at the end of the meeting.
Ethereum (ETH) price descended to trade briefly below $700 level after rejecting the support provided at $780. However, ETH/USD bounced but encountered more selling pressure at $730. The price is currently trading at $725 while an immediate support is at $710. If it does not hold, the next support target is at $700. Similarly, further below $700 the cryptocurrency will be supported at $680.
VeChain (VEN) Price Analysis
VeChain (VEN) is also in the red as the week’s trading takes off. The crypto is down 4.97% in the last 24 hours, but it is correcting higher on the charts, although selling pressure is also present. VEN/USD recently traded highs of $5.58 before being engulfed in bear pressure below the key support at $5.00.
The digital asset is currently correcting higher above $4.8, while the moving averages are pointing towards a bullish breakout during the intraday trading on Monday 7 which could see the price test the resistance level $5.00. The MACD on the 15 minutes intraday chart shows the presence of buying power. On the downside, the immediate support is at $4.7, although another support is highlighted at $4.6. Below this level, further downside corrections will be stopped at $4.2 (although it is an overstretch for VEN/USD).