The price of Bitcoin (BTC) is still trading below the $ 60,000 mark as buyers step back to allow consolidation to occur.
Fundamental Analysis: Kevin O’Leary Says He Won’t Buy China-mined ‘Blood’ Bitcoin
Canadian businessman and investor Kevin O’Leary said he will only buy Bitcoin mined in countries that use clean energy and the “blood coin” mined in China.
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“I see for the next year or two, two kinds of coins. China’s blood coin, (and) clean money sustainably mined in countries that use hydropower, not coal. I’m going to the side of the clean coin, ”he told CNBC.
About 65% of Bitcoin in the world was mined in China in April last year and energy consumption from Bitcoin mining is common.
He did not disclose where he buys the ‘clean’ Bitcoin. However, some countries use hydroelectric power much more compared to other nations and some organizations emphasize that they mine cryptocurrencies in a sustainable way.
O’Leary previously called Bitcoin ‘junk’, but has recently changed his mind and said that he plans to allocate 3% of his portfolio to BTC. After he said he planned to buy Bitcoin, O’Leary was asked if he was buying “blood coins from China.”
In addition, major institutions are imposing restrictions on the assets they buy to comply with environmental and corporate governance regulations. O’Leary said that when it comes to his personal wallet, he is trying to make sure that every cryptocurrency he owns is compatible.
“I’m not going to buy coins unless I know where it was mined, when it was mined, where it came from. Not in China. There is no blood coin for me ”, he concluded.
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Technical Analysis: Up or Down?
Bitcoin’s price is trading around the $ 58,000 level as consolidation continues below $ 60,000. Price action has been trading in a tight range ($ 56,500 – $ 60,000) for the past 10 days. Overall, the price of BTC is trading almost 2% in the red in April.
Bitcoin Daily Chart (TradingView)
Looking downside, the price action is supported by the confluence of the 100MA and 200MA on a 4-hour chart. This area, located below $ 56,000 and $ 57,000, offers an opportunity for cryptocurrency traders looking to invest in Bitcoin to gain an advantage before a possible break above the $ 60,000 level. Higher, $ 62,500 and $ 66,000 are the next targets for BTC bulls.
Investor Kevin O’Leary said he will not buy “blood” Bitcoin mined in China, but instead invest in cryptocurrencies mined in countries that use clean energy.