Bitcoin Price Analysis: BTC/USD Sits At $7,300; Jon Matonis From Bitcoin Foundation Denies Bitcoin Bubble

• Bitcoin bulls hit pause button; new triggers are needed.
• Jon Matonis doesn't believe in "Bitcoin in a bubble" story.

Jon Matonis, the co-founder fo Bitcoin Foundation, came out with another portion of crypto positive comments, saying that decentralized cryptocurrencies would initiate the power shift away from central banks.

"To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles," he declared in the interview with Business Insider.

Bitcoin price technical picture

BTC is sitting at $7,300 amid low trading activity. The price settled above the upper line of Andrew's Pitchfork, which may be interpreted as a good signal, but the bulls need to drive the price above $7,800 and $8,100 (61.8 percent-DMA) to confirm the turnaround. (61.8 percent-DMA). On the downside, the support is produced by $7,200 with 50-SMA (hourly interval). The move below $6,900 will be regarded as a bearish signal.

BTC/USD, the hourly chart