Bitcoin Price Immobile: Yahoo Founder, Jerry Yang Remains Bullish On BTC And The Blockchain

• Bitcoin price stock-still within the confines of a narrow range.
• “Blockchain is a natural technology for banks and trading,” Jerry Yang.

Bitcoin price is literally motionless with the immediate upside capped at $3,550. The largest virtual asset by market capitalization is stuck in a narrow range after falling headfirst during the weekend trading. The declines set in after Bitcoin failed to break above the resistance at $3,750. This opened the Pandora's box as bears rushed in taking advantage of the discouraged bulls. Followed was a waterfall drop that was unstoppable at $3,550 but BTC/USD buyers found support at $3,500.

The price is currently stuck within the confines of the narrow range limited to the upside at $3,550 and supported strongly at $3,500. The digital asset is trading at $3,526 after correcting lower a subtle 0.26% on the day according to the live stream data on FXStreet website. Immediately above the current BTC market value, the 50-day Simple Moving Average (SMA) is standing in the way of recoil.

The gap between the 50-day SMA and the 100-day SMA is widening to show that the bears are still in control. The good news is that the other indicators like the Relative Strength Index (RSI) and the Moving Average Divergence Convergence (MACD) are projecting upwards indicating that buying activities are rising as well. It is likely that the sideways trading will continue as the bullish and the bearish influence equalize.

Elsewhere in the market, the co-founder of Yahoo, Jerry Yang is still bullish on Bitcoin and the blockchain technology which he believes is the next frontier in finance. Speaking at the Innovation Asia Forum held in Singapore, Finews Asia reports that Yang said:

“Blockchain is a natural technology for banks and trading. If you look at US institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open huge amounts of doors.”

BTC/USD 60-minutes chart