Sunday, November 27, 2022
 

Ex-NYSE Pres’ ‘BTC a Must-Have’ Comment Resurfaces as BTC Hits $25K

  • Ex-NYSE President Thomas Farley said earlier this month that Bitcoin will have to be part of any portfolio.
  • Farley’s statement resurfaced after Bitcoin touched the $25,000 ceiling.
  • Bitcoin has retraced a bit, and it may attempt to climb back up in the next few days.

A video showing Thomas Farley, former President of the New York Stock Exchange (NYSE), reappears on social media after the price of Bitcoin (BTC) hits $25,000 for the first time since June 2022.

In the interview on August 8, Farley said that Bitcoin “will have to be part of a portfolio.” He also said that financial institutions that missed out on Bitcoin at $60,000 found the crash an ideal time to buy in.

“So as [Bitcoin] went to $17,000, it wasn’t a shock to me that you saw some of these institutions step in,” Farley remarked. “That was a pretty easy call.”

At the moment, however, Bitcoin is encountering strong resistance at $25,000. In fact, Bitcoin only touched this ceiling briefly before retracing back to at least $24,000.

Source: TradingView

In the 4-hour chart, Bitcoin has formed a Rising Wedge pattern, a bearish signal that indicates a potential trend reversal. On Binance, BTC has reached as low as $24,000.

Meanwhile, the Relative Strength Index (RSI) is currently at 47, which means that there has been a huge selling pressure in the last couple of hours. This suggests that BTC has indeed retraced. For Bitcoin bulls, this may be advantageous since BTC may attempt to recapture the $25,000 territory and flip it into support.

At the time of writing, Bitcoin is changing hands at $24,839.52, according to CoinGecko.

  • Ex-NYSE President Thomas Farley said earlier this month that Bitcoin will have to be part of any portfolio.
  • Farley’s statement resurfaced after Bitcoin touched the $25,000 ceiling.
  • Bitcoin has retraced a bit, and it may attempt to climb back up in the next few days.

A video showing Thomas Farley, former President of the New York Stock Exchange (NYSE), reappears on social media after the price of Bitcoin (BTC) hits $25,000 for the first time since June 2022.

In the interview on August 8, Farley said that Bitcoin “will have to be part of a portfolio.” He also said that financial institutions that missed out on Bitcoin at $60,000 found the crash an ideal time to buy in.

“So as [Bitcoin] went to $17,000, it wasn’t a shock to me that you saw some of these institutions step in,” Farley remarked. “That was a pretty easy call.”

At the moment, however, Bitcoin is encountering strong resistance at $25,000. In fact, Bitcoin only touched this ceiling briefly before retracing back to at least $24,000.

Source: TradingView

In the 4-hour chart, Bitcoin has formed a Rising Wedge pattern, a bearish signal that indicates a potential trend reversal. On Binance, BTC has reached as low as $24,000.

Meanwhile, the Relative Strength Index (RSI) is currently at 47, which means that there has been a huge selling pressure in the last couple of hours. This suggests that BTC has indeed retraced. For Bitcoin bulls, this may be advantageous since BTC may attempt to recapture the $25,000 territory and flip it into support.

At the time of writing, Bitcoin is changing hands at $24,839.52, according to CoinGecko.

 

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