BTC/USD: the Bitcoin is still hesitating, what are the buy & sell thresholds?

The Bitcoin cryptocurrency remains without a clear trend as a new week begins. For the record, a look at the daily chart shows that the BTC/USD has been forming a large consolidation triangle since the end of June, and this triangle is getting narrower and narrower.

Overall, the charts suggest that uncertainty will continue to dominate as long as the Bitcoin does not break below the $8,500 threshold, or above the $10,500 threshold.

A break below the $8,500 support would indeed restore the long-term bullish bias instilled by the pre-summer rally this year. In this case, a realistic medium-term objective could be around $5,500.

If, on the other hand, the Bitcoin manages to cross $10,500, the next major obstacle will be the $11,500 threshold, ahead of the $12,500 zone, and then $13,500.

BTC/USD daily chart:

Perhaps the most surprising thing about the indecision of the bitcoin at the moment is that the news is quite busy, which could have helped the crypto to choose a clear direction, but this is not the case right now.

Speaking of news, you will find below a reminder of the main events in the world of cryptos in recent days, in order to start this new week well-informed:

Zuckerberg meets American politicians = a big waste of time

The CEO of Facebook turned to socialisation in an attempt to win over politicians. This week, Zuckerberg had dinner with democrats concerned about his Libra stablecoin - and reports suggest that the billionaire was opposed by "constant concerns about privacy". While some participants believe that Facebook is sincere in its desire to reassure regulators, others fear that the technology giant will simply launch Libra in other countries if it does not obtain regulatory approval in the United States - despite a promise made to the Senate to suspend the project until the green light is given. At a subsequent meeting, Senator Josh Hawley urged Zuckerberg to consider selling WhatsApp and Instagram - a request that was denied by the latter.

North Korea: is it about to develop its own cryptocurrency?

Reports have suggested that North Korea has started creating a cryptocurrency similar to Bitcoin. A recent report says that the project is designed to help the country escape international sanctions and find a way to bypass "the US-dominated financial system". Alejandro Cao de Benos, who heads the cryptocurrency conferences over there, said officials are studying the possibility of backing the cryptocurrency with assets - but there is no plan to digitise the North Korean won currency right now.

Tim Draper's forecast of a Bitcoin at $250,000 is now "conservative", he says

Draper - a Bitcoin optimist, believes that his own forecast that the BTC will reach $250,000 by 2022 is too conservative. Despite the fact that Bitcoin traded sideways for most of the week, the US venture capitalist said that by reaching $250,000, BTC would only have a 5% share of the world crypto market.