Bitcoin price analysis: BTC/USD bullish momentum lost steam at $9,200; market ignores Goldman's decision to launch Bitcoin derivatives trading

Cryptocurrency market is hibernating amid fading volatility.
Goldman launches Bitcoin derivatives trading solution.

Tanya Abrosimova Independent Analyst

Bitcoin is sitting in a narrowing range amid low volatility as the market is waiting for fresh catalysts. The coin is well supported by $9,000 as this psychological level attracts new buyers, which means that the longer-term bias is bullish as long as this level remains unbroken.

Goldman Sachs announced plans to launch cryptocurrency derivatives trading. It is not a full-fledged trading desk to sell and buy Bitcoins, but its a big step forward for a traditional financial institution and for the crypto market alike. Currently, the bank will trade Bitcoin futures in a market-maknig capacity and provide non-deliverable forward products.

This is a positive development for the virtual currency No.1, though the market reaction is muted so far.

Bitcoin technical picture

The threshold at $9,000 remains a critical support level for BTC/USD both on the intraday level and in the longer timespan. The local resistance of $9,250 limits the upside for the time being. Once it is clearly broken, the coin will extend the upside towards $9,500 and $9,700. On the downside, break below $9,000 will pus Bitcoin lower with the first bearish aim at $8,700 followed by $8,000.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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