There was great hype about the secretive cryptocurrency of Facebook. The details of the currency “Libra” is revealed recently. This currency can run on blockchain network successfully almost over a hundred computer networks.
Facebook entry into the crypto-world is the most important sign that predicts the future of the Bitcoin price. The price of Bitcoin is constantly struggling to maintain its position in the market and have gained some eighty dollars ($80) on the announcement of this Facebook’s launch.
Bitcoin seems to be not much bothered by the news. Over the week, the Bitcoin price has reached above nine thousand three hundred dollars ($9,300).
The technical indicators are showing different results as the RSI indicates the bearish trends over the past 24-hours and not a single bullish sign.
Also, the correction in the price can be noted on the chart. Over the last 48-hours, the buying volumes are lower than the sell volumes. A depreciation in the price can occur and the anticipated value for support is found to be eight thousand eight hundred and twenty-one dollars ($8,821).
Facebook’s Libra is estimated to be cheaper and efficient than the Bitcoin therefore, The CEO of Euro Pacific Capital, Peter Schiff elaborated that the launch of Libra is bad news for Bitcoin.
The Bullish signals if prevail they can even cause the rise of the price of the Bitcoin to ten thousand dollars (10,000) but, only if BTC can find high volumes. However, on the bright side, the monthly chart is still indicating the bullish signals for the coin.