Bitcoin price analysis: BTC/USD stuck in lock-step trading; new Bitcoin tracker launched by Longhash
|- Bitcoin must establish a strong support above $6,600 for a sustained move to $6,620.
- Longhash targets institutional investors with its newly launched Bitcoin tracker.
Bitcoin appears to have lost stability above $6,600. Likewise, the subtle dips below this level have been cut short by the bulls whose sole mission is to regain the control and push Bitcoin back above $6,700. As discussed in the earlier published news articles, Bitcoin extended gains above the current primary support at $6,100 last week. The market-wide bull rally gave the bulls a much-needed breather as the price retraced the steps above $6,700 and even approached $6,800.
Longhash was delighted to announce the launch of its self-built Bitcoin tracker. The new product has been released to assists investors, regulatory authorities as well as the general public in the fight against ‘dirty money’ in the market. Longhash team says:
“Compared to the traditional financial system, cryptocurrency can seem murky. Bitcoin transactions are pseudonymous, which makes them attractive to criminals.”
The Bitcoin tracker by Longhash is not being used to reveal the identities of the people holding Bitcoin. On the contrary, it is meant to instill confidence in investors, especially institutional investors. Longhash adds:
“To be clear,” Longhash emphasizes, “we are not revealing the identities of Bitcoin holders. We just hope to offer more peace of mind to investors, regulators and the general public. The mainstream perception that cryptocurrency is associated with crime is not good for the industry as a whole.”
Meanwhile, Bitcoin is changing hands at $6,603 as the bulls fight to keep the price above $6,600. Technical indicators are sending strong bearish signals. This means that the bears have the say, at least for now. A support must be established above this pivotal level and Bitcoin focuses on breaking $6,620 resistance to avoid retreat heading to $6,500.The next important support is at $6,580.
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