Bitcoin remains under pressure. The competition in the market is growing

The price of the most popular crypto currency in the world continues its decline, while the price for a coin has fallen by more than $ 3,000.00 since the beginning of the week and reached $ 13,127.30 per coin. Most of the most popular crypto-currencies lose their positions, amid growing competition in the market and the emergence of new crypto-currencies. Yesterday, Kodak announced the release of its own KODAKCoin crypto currency, after which the company’s shares rose by about 120%. The initial placement of the tokens is scheduled for January 31.

The release of Kodak’s own crypto currency will help the authors of photos posted in the company’s database to profit for the use of their photos for commercial purposes, which will also provoke a growing demand for the company’s services. It is also worth noting that many large corporations can follow the example of Kodak to increase their income by using their own crypto currency, which will create additional competition in the market of crypto-currencies. The most important thing is that the companies themselves can act as guarantors of securing the crypto currency, which is an advantage over Bitcoin.

Technical analysis: Today Bitcoin’s price managed to consolidate below the support line on the uplink channel on H1, which is a signal of continuing downward price movement of the instrument. In the event that the price of the instrument will be able to gain a foothold below $ 13,000.00, one should expect its further decrease to the level of $ 12,000.00.

Fig. BTC/USD. The current price is $ 13,643.780.

Alexander Sivtsov