Bitcoin price analysis: BTC/USD holding gains above $6,400 as Barclays closes crypto trading desk
|- Bitcoin sits comfortably above $6,400 as buyers look towards $6,500 in the medium-term.
- Barclays shuts down the newly launched crypto trading desk; reasons for closure are not sufficient.
The bullish move on Monday has culminated in consolidation below $6,500. Bitcoin price revamp the trend during the trading yesterday adding at least $500 in less than one hour. The support at $6,200 prevent further declines during the weekend trading while the upside was limited at $6,300. A break that overcame the moving averages resistance triggered overwhelming gains above $6,600. The spike retraced higher towards $6,700 but bulls were unable to sustain gains above $6,700.
Therefore, Bitcoin started to trim the gains and retreated below $6,600 and $6,400. Moreover, there was a break below $6,400 but the bulls stood their ground above $6,350. In the interim, Bitcoin has corrected above $6,400 but it is still lacking the momentum to break above the medium-term resistance at $6,500.
Bitcoin is sitting comfortably above $6,400 but indicators show that sellers are fighting for entry positions. The initial support for BTC/USD is $6,400; coinciding with the bullish trendline. The simple moving averages (both 50 and 100) are positioned to stop declines. The next support target is at $6,200 while the demand zone at $6,100 will work as the primary support.
In other news, Barclays bank is reported to have closed its newly launched cryptocurrency trading desk. The crypto trading services were launched earlier this year but the reasons behind the shutdown are vague. Other banks like Goldman Sachs have expressed their interest in offering crypto trading services. The closure has, however, been confirmed by sources familiar with the issue according Financial News London.
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