Bitcoin price analysis

Bitcoin price has again fallen into the falling wedge model that we've been researching in the past week. The currency is corrected slightly higher as it struggles to get rid of the predominant sales pressure that holds it under $ 8,400 for a few days. In addition, BTC / USD has crashed over $ 8,200, and the downside is the next target of $ 8,400.

Different nations around the world are considering the idea of ​​having a digital asset backed by the state. Venezuela was the first state to introduce a national cryptocurrency, backed by the country's huge oil reserves. The token, however, received criticism from the country and other world leaders such as US President Donald Trump. According to a report published by Reuters, the Swiss authorities have started plans for a national digital asset. The cryptocurrency is called "e-franc" and will have Bitcoin features, but instead of being "privately supported", it will be supported by the state. Moreover, the technology behind it is still a publicly visible block-chain. The release time for the crypto franc is not defined because the lower chamber of the Swiss parliament will have to approve the request, besides the Federal Council should conduct a study.

On the other hand, Bitcoin's price tested the resistance zone at $ 8,230, and buyers look forward to $ 8,300. BTC / USD is traded between moving averages and resistance. The 100 SMAs will offer a resistance of $ 8,300, while the 50 SMAs will support the price in a negative direction. The immediate support zone is $ 8,200, however, it fails to keep the bottom of the wedge template to stop the drop. In addition, other support areas include $ 8,100 and $ 8,000 respectively.