Bitcoin re-tests $4,000 as traders take gains and pressure crypto lower

Crypto is making heavy going of it above $4,000 as it slips back from the week’s high at $4,412, according to coinmarketcap.

That slippages is accelerating somewhat, with bitcoin down nearly 8% as traders take their profits, as we predicted yesterday, priced at $4,015.

Alts are bleeding red again.

So the big question going into the weekend is will support hold at $4,000. e think that is unlikely so get your shorts in.

Bulls may takes some heart from the RSI reading which shows BTC touching oversold levels, as can be seen in the live chart from TradingView below:


 

ZCash’s listing by Coinbase Pro hasn’t helped it to hang on to its gains either, off2.9% at $80.16, according to cmc.

In other news, Boxer Floyd Mayweather and DJ MC Khaled have been fined by the US Securities and Exchange Commission (SEC) for undisclosed payments received for promoting ICOs. That’s a good thing but may be another nail in the coffin of ICOs, especially in the US where security tokens are gaining traction.

Surprise! Financial media negative on crypto

Elsewhere, interesting research by Clovr on the coverage of crypto by the mainstream media. The findings show a general negativity in the mainstream media toward crypto, which comes as no surprise.

Interestingly it find that those outlets which had a younger audience, such as Business Insider and Forbes, tended to have a more favourable slant on the sector.

Another surprise finding is that it was the conservative media that was the most hostile and the liberal media the least. That is surprising given the “libertarian” mindset of many of crypto’s boosters.

Clovr used algos to measure sentiment.

clovr

“Bitcoin” trending higher

Google Trends shows searches for “bitcoin” are shifting higher again in an indication that the crash has piqued interest.

However interest is more of a watching brief as trends for “buy bitcoin” searches haven’t budged from the flatlining that has been a feature of this year’s bear market implosion. Searches are at their highest level since April.

In Africa, South Africa (1st) Nigeria (8th) and Ghana (5th) stand out as places with high search interest.

google trends bitcoin

And as far as Nigeria goes, maybe that’s why Union Bank of Nigeria has told its customers who have accounts that are used to fund crypto trading, that there may be restrictions on those activities. CCN’s report details the consumer backlash that greeted the announcement.

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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