Bitcoin (BTC) Long-term Price Analysis – February 17

  • Currently, the bears are also seemingly unable to create a significant move on the market.
  • Traders are to be on the lookout for a breakout above the 50-day SMA to enter a long position.

BTCUSD Long-term Trend – Ranging

  • Distribution territories: $4,500, $5,000, $5,500
  • Accumulation territories: $2,500, $2,000, $1,500

Bitcoin’s price has been ranging in the last few trading sessions. The cryptocurrency has essentially been seeing various lower lows and lower highs, around the $3,500 mark, since January 11.

Bitcoin, BTCUSDBitcoin Chart by TradingView

The cryptocurrency’s 50-day SMA is currently above the 14-day SMA, while the Stochastic Oscillators have crossed from ranges 80 and 60 where they’re now consolidating. It’s currently unclear whether the bulls will be able to gather the momentum they need to help BTC’s price grow.

Currently, the bears are also seemingly unable to create a significant move on the market. Traders are to be on the lookout for a breakout above the 50-day SMA to enter a long position.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Elon Musk Sees Crypto Becoming a Replacement for Cash

Michael LaVere
  • Tesla founder Elon Musk said on a recent podcast that crypto could become a replacement for cash.
  • Musk believes there are limitations for crypto as a "database" for transactions. 

Tesla and SpaceX founder Elon Musk says that crypto will “effectively” become a replacement for cash. 

Musk made his comments during a Third Row Tesla podcast, where he explained he was “neither here nor there on Bitcoin.” However, he did refer to Satoshi Nakamoto’s original white paper for bitcoin as “pretty clever,” before focusing on the utility of crypto. 

Musk prefaced his comments by saying he “gets the crypto people angry” when talking about bitcoin. Tesla’s founder then delved into how crypto would evolve into a replacement for cash, particularly in the context of illegal transactions. 

There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.

He continued, 

You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].

Musk reiterated that his association between bitcoin and illegal transactions was not to be “judgemental about crypto.” He also claimed that traditional banks “are in trouble,” with the rise of online payment processors such as Stripe.

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