Bitcoin price analysis: Range-bound; Goldman Sachs registers clients for Bitcoin trading
|- Bitcoin is stuck in yet another range; Bulls hibernate after the Monday battering.
- Goldman Sachs quietly opens doors to a handful of customers for its soon to launch Bitcoin product.
Bitcoin daily transaction have continued declines since the all-time high in December 2017. Bitcoin transactions hit 490,644 per day. The dip along the year hit lows of 137,274 transactions but according to the data provided by CoinDesk, the transactions having increasing steadily with the current being at 283,327. The same is reflected in the market’s total market capitalization which hit an all-time high of over $800 billion at the beginning of the year. The market cap has recorded lows around $190 billion, although the recovery is capped below $230 and currently stands at $202 billion.
Meanwhile, Bitcoin has started a fresh consolidation phase after the dip on Monday saw it tumble mercilessly through $6,300 before finding a support at $6,200. The correction from the bottom is currently stuck in a range with the upside limit at $6,290. On the downside, the range support is highlighted by $6,236.98. BTC/USD is dancing at $6,261.27 while the technical indicators applied to the hourly chart are sending optimistic signals to the bulls. The MACD, for example is in the negative zone (-4) but heading north. The RSI shows the low trading activity for both the bulls and the bears with the ranging movement around the 50% mark.
Elsewhere, one of the leading investment banking gurus, Goldman Sachs is reported to be secretly registering customers for its impending Bitcoin trading product. The Block, a news website has reported that the bank has already opened its doors to a handful of clients who will be actively trading on the platform. The bank will be offering a Bitcoin derivative that is similar to the futures contract not tradable on exchanges. In addition to that, Goldman Sachs is still exploring custody services for cryptocurrency assets.
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