Bitcoin price analysis: BTC/USD creeping towards $7,300 as Bitfinex receives 100M of newly mined USDT
|- Bitcoin bulls are cautiously optimistic.
- Market players discuss the consequences of new USDT issuance.
Bitcoin is changing hand at $7,300 at the time of writing, virtually unchanged since the beginning of Tuesday and 1% higher from this time on Monday. The digital coin No. 1 is trading with mild bullish bias as the cryptocurrency market recovery gaining traction after a short period of consolidation above $7,000 handle.
Meanwhile, Bitfinex received 100M of newly mined USDT (tokenized US Dollars). Some traders players note increased market activity that accompanies such inflows:
"Does anyone else feel like this Tether transfer thing is a bit too obvious now? I mean it seems to have become a leading indicator for the next move for a lot of people lol. Could it really be that easy? Usually isn't but who knows," a Twitter user writes.
However, the previous similar transaction as of August 21 revived the market only for a short time period.
Bitcoin's technical picture
BTC/USD has gained 23% form the recent low of $5,900 touched on August 14. The price is moving within a clear upside trend, trading above all key SMAs (1-hour chart). The first bullish aim is $7,400 (38.2% Fibo retracement), followed by sloping trendline from May 5 peak (currently at $7,660).
On the downside, a sustainable movement below $7,167 (SMA100, 1-hour) will expose the critical $7,000 handle. If broken, the sell-off may be extended to DMA200 ($6,893).
BTC/USD, 1-hour chart
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