Bitcoin Began to Lose Bullish Momentum, Correction at $8K
Bitcoin (BTC) climbed 2% and broke above the $7,600 resistance area against the U.S. dollar. But BTC price will possibly face a strong resistance near $8,000 in the near term.
In the last several sessions, BTC stayed well bid over the $7,400 and $7,420 level against the U.S. dollar. Also, Bitcoin prices corrected some points under the $7,555 support, but there were limited dips.
Aside from that, there was a low formed near $7,484, and the price began a new increase. It went up over the $7,555 level, and the bulls were able to push the price above the key $7,600 resistance.
Another weekly high happened near $7,792, and the price is now trading well over the 100 hourly simple moving average. Currently, Bitcoin is consolidating gains above $7,700. Then, it tested the 23.6 Fib retracement level of the recent rise from the $7,484 low to $7,792 high.
On the other hand, initial support occurred near the $7,635 level. And this is close to the 50% Fib retracement level of the recent increase from the $7,484 low to $7,792 high. Above all, there is a key bullish trend line forming with support almost in the $7,600 on the hourly chart of the BTC/USD pair.
In the previous analyses with the daily chart of Bitcoin, the $8,000 level is a major hurdle for the bulls during the near term.
Also, there are many high chances of a powerful bearish reaction near the $8,000 level. In case the bulls stay in action and push the price above $8,000, the price might continue higher towards $8,800 or $9,000.
Binance Smart Chain
Meanwhile, the Binance Smart chain whitepaper has attracted criticism from the crypto community, luring predictions that the chain will become exposed to centralization.
A lot of crypto analysts have criticized the whitepaper for Binance’s forthcoming Smart chain, published on April 17.
Then, Smart Chain will become the second smart contract-enabled chain – After Binance Chain – of Binance. And it will offer the additions of full compatibility with Ethereum (ETH) and a delegated proof-of-stake, or DPoS, governance systems with at least 21 node operators elected by Binance Coin (BNB) holders.
Luke Warm Reception
Furthermore, the whitepaper for Binance’s upcoming Smart Chain got mixed reactions. And many in the crypto community posit that the chain will recycle the feature of already existing projects. This is without putting anything new to the crypto-asset ecosystem.
Mesari, a crypto data aggregator, tweeted, “Binance Smart Chain looks like another ETH competitor in an already crowded field.”
However, he stated that the chain would have an EOS-like DPoS system.
A Reddit user named ‘Always_Question’ described the whitepaper as outlining another Chinese copy-cat, this time of EOS DPOS – one of the most massive $2 billion, nothing burgers built.
Tom Shaughnessy, the co-founder of digital asset research firm Delphi Digital, believes that Smart Chain will be hampered by centralization. And he even predicts that its governance will let CZ to possibly reign control over the chain with hid influence and his BNB stake.
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