In a film released on Tuesday, Israeli Prime Minister Benjamin Netanyahu said that the activities of traditional banks would eventually become obsolete and could be replaced by Bitcoin. He based his claims on the reliability of Blockchain technology and on the constant, notable increase of Bitcoin. In the film, Netanyahu said with conviction that the banks will eventually become obsolete and will be replaced, although when and by what, it still turns out:”Is the purpose of the banks ultimately disappearing? Yes. The answer is yes. Does it have to happen tomorrow? Do we have to do it with Bitcoin? This is an open question.”
The head of the Israeli state also talked about the role of banks, explaining that they were created and still exist to provide credibility and security for the transaction. Banks, not to mention governments, still control how they spend money and continue to use this control at the expense of the parties to the transaction. Blockchain, the basic cryptocurrency technology, enables people to make transactions without intermediaries. At the same time, this decentralized technology gives the same as centralized institutions – reliability and security.”The truth behind what I just said is what drives Bitcoin” said Netanyahu, but at the same time, he expressed doubts about Bitcoin’s ability to grow further at such an amazing pace.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. After a bounce from the local support at the level of $15,952, the price of Bitcoin tested the recent high at the level of $17,390. Currently, the price stays around this high, but the upwards momentum is diminishing and there is a clear bearish divergence between the price and momentum oscillator. In a case of a further downside breakout, the nearest support is seen at the level of $14,066.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Sebastian Seliga,
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