Bitcoin News and BTC Price Analysis: Bitcoin unable to Break the $6650 Resistance Barrier. Saturday, August 19
Important Bitcoin Cryptocurrency News
Blockchain Says It’s Adding 50,000 Users Daily
The competition between Coinbase, the digital asset exchange and Blockchain, the digital asset wallet came to fore when the CEO of the usually reserved Blockchain, Peter Smith announced that the platform has been adding 50,000 users daily probably making reference to a comment made by Coinbase CEO Brian Armstrong, who said that at the peak of the crypto frenzy last year that his company was signing up that number of users daily.
In Smith’s post, he wrote, “CORRECTION: It's actually *Blockchain* signing up over 50,000 per day in the midst of this crypto downturn. It's delightful to see new entrants actually interested in *using* crypto. (Hi @crypto”
Obviously, the rivalry is based on the fact that Coinbase is derided as bringing people to crypto for speculative purposes while Blockchain does for practical purposes.
CryptoOracle Co-founder Thinks Bitcoin is Functionally Better than Gold
For thousands of years, gold has been used as the primary store of value. With the advent of the internet and blockchain, a lot of comparison has been made between bitcoin and gold but Lou Kerner of CryptoOracle thinks Bitcoin is better.
Hear him: “Gold has emerged as the global store of value and it has held that position for literally a couple thousand years — that’s an awesome run. So we now we have something (Bitcoin) that we think may be functionally much much better (than gold). So we expect that over time — not in a day, not in a week, not even in 5 years, — for some of the people using gold as a store of value to switch to Bitcoin.”
Bitcoin unable to Break the $6650 Resistance Barrier
Bitcoin currently trading at $6,392 completed an inverse head and shoulder formation but declined in volume leading to a retraction after failing to cross the $6,644 mark. The effect is that the cryptocurrency collapsed below the upward trendline and the 55-EMA and the 20-day moving average.
The RSI has already plunged from the bullish zone sending BTC to the $6,200 to $6,400 range in which it traded sideways during most of last week. The present assessment of the coin is in the lower lows and lower highs reminiscent of a mold of rejections at overhead moving averages since that last drop from $8,500.
BTC/USD Price Chart, Saturday August 19th:
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