Bitcoin price analysis: $8,000 regained, now battle to regain momentum; Coinbase may apply for banking licence

Bitcoin bounces off sub-8k, turns green.
Coinbase may apply for banking licence.

Manoj B Rawal Independent Analyst

Largest cryptocurrency by market capitalisation, Bitcoin, manages to bounce back up from sub-$8,000 levels after hitting the lows of $7,928 earlier in the day and now trades in the green, but whether it manages to catch on the bullish momentum during the weekend trading, remains to be seen.

BTC/USD is up nearly a percent at $8,130 and up more than $200 from the day's low. After bouncing from sub-$8,000 levels, BTC now is in the green and has to catch momentum even before it tries reaching the immediate strong resistance in the form of falling trendline on 240-minute chart.

Coinbase, one of the largest cryptocurrency exchanges in the U.S., met with regulators at the US Office of the Comptroller of the Currency (OCC) in early 2018 to discuss applying for a national banking charter, which preempts state-level financial regulations, Wall Street Journal reported on Friay, citing a person familiar with the matter.

BTC/USD 240-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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