Bitcoin price analysis: BTC/USD bullish bias above $8,000 consolidation; Barclays Bank to start cryptocurrency trading desk

Bitcoin price is correcting higher above the support level at $8,050, although it is also facing resistance towards $8,100. The buyers are bullish and are battling to support the price above $8,000 and stop declines below this level. The upside movement that was initiated at $8,056 was stopped by the 200 SMA; however, there is a short-term weak support area $8,075.

In other news, Barclays has announced that it will be launching a cryptocurrency trading desk that will be tailored mainly for institutions as well as crypto hedge funds. In addition to that, Barclays became the first British Bank to take on a US-based cryptocurrency exchange company as a customer: The bank signed Coinbase exchange as a customer not long ago.

Bitcoin price opened trading on Monday at $8346, then the price began a bias upside correction to $8,399. However, selling pressure halted the gains and instead embarked on a slide that saw the price trade below $8,150. BTC/USD continued correcting lower breaking below the 61.8% Fib retracement level with the previous swing high of $8,399 and a low of $7,899. On the upside, the price bounced back above the $8,050 support but is facing resistance around $8,095 (61.8% Fibo). A break above the immediate resistance level at $8,100 will pave the way for more gains towards $8,200 and further up the psychological $8,500.

BTC/USD 15’ chart