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Saturday, Aug 24, 2019

Bitcoin faces technical hurdle as Facebook’s Libra steals crypto spotlight

But a key technical obstacle lie ahead. Bitcoin failed to breach the level when it last approached it in May 2018. In addition, the token’s relative strength index, which identifies general price trends, is nearing overbought levels.

tech Updated: Jun 20, 2019 09:12 IST
Vildana Hajric
Vildana Hajric
Bloomberg
Bitcoin has gained as much as 12% to $9,477 this week. The surge has coincided with Facebook unveiling plans for the token that it hopes will one day trade much like the dollar.
Bitcoin has gained as much as 12% to $9,477 this week. The surge has coincided with Facebook unveiling plans for the token that it hopes will one day trade much like the dollar.(REUTERS)
         

While it seems like everyone’s fixated on the Libra cryptocurrency championed by Facebook Inc., Bitcoin aficionados are looking toward the $10,000 mark as the next price hurdle for the largest digital asset.

But a key technical obstacle lie ahead. Bitcoin failed to breach the level when it last approached it in May 2018. In addition, the token’s relative strength index, which identifies general price trends, is nearing overbought levels. The RSI moves between zero and 100 to depict the strength of recent price changes.

ALSO READ: Facebook Libra: How cryptocurrencies can replace other pay options

Bitcoin has gained as much as 12% to $9,477 this week. The surge has coincided with Facebook unveiling plans for the token that it hopes will one day trade much like the dollar. The social media giant launched the project in partnership with finance and tech heavyweights including Visa Inc., EBay Inc. and Uber Technologies Inc., adding to optimism that digital assets are becoming more widely adopted by mainstream finance.

ALSO READ: Facebook’s Libra cryptocurrency is a ‘long way from launch’: Sheryl Sandberg

“Facebook’s entry into the crypto space perhaps signifies the biggest network potential for digital currencies, capable of reaching into billions,” said Christel Quek, chief commercial officer at Bolt Global, a mobile streaming platform and wallet. It “indicates an upcoming shift in mainstream finance,” she said, adding that “this may see further revival and growth of digital tokens this year, as more developments emerge.”

First Published: Jun 20, 2019 09:12 IST

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