TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin price analysis:  BTC/USD creeping towards $7,600, market is positive about Bittrex offering fiat-to-crypto trading

  • Bitcoin bulls set eyes on $7,600 handle.
  • Btttrex news helped to create positive momentum.
Bitcoin price analysis:  BTC/USD creeping towards $7,600, market is positive about Bittrex offering fiat-to-crypto trading
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin is growing steadily on Friday, but $7,600 remains unbroken so far. BTC/USD is changing hands at $7,583 with an upside bias, up 1.2% since the start of the day. 

Seattle-based cryptocurrency exchange Bittrex announced an agreement with New York-based Signature Bank that will allow customers to buy cryptocurrencies with US dollars. The option will be available for customers in Washington, California, New York, and Montana. Initially, USD trading pairs will include Bitcoin, Tether, and TrueUSD. This is a positive news for the industry as small banks are coming in to fill the void left by Wall Street titans. 

Bitcoin's technical picture

BTC/USD is looking positive on the intraday picture, but we need to see the coin above $7,600 and $7,683 (23.6% Fibo)  before we can claim that it has bottomed out. On the downside, the support is created by $7,400 with a cluster of technically important levels registered there. Namely, 50-SMA (hourly chart) comes at $7,464, it is followed by 200-SMA at $7.416 and 100-SMA at $7,373. If the price slides below this area, $7,000 will be back in focus.

BTC/USD, the hourly chart

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

XRP extends recovery as ETF inflows, futures interest stabilize

XRP extends recovery as ETF inflows, futures interest stabilize

Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.
Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks

Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks

Bitcoin (BTC) is trending higher alongside other major cryptocurrencies on Wednesday. Ethereum (ETH) has reclaimed $2,500 as short-term support, raising the odds that the uptrend will gain momentum. Meanwhile, Ripple (XRP) shows signs of recovery, trading near $1.44 while supported by key moving averages.
Bitcoin climbs as Oil tops $100, equities drop after Iran strikes

Bitcoin climbs as Oil tops $100, equities drop after Iran strikes

Bitcoin rose as much as 1.6% since midnight UTC to $79,742 as U.S. Central Command said it destroyed five Iranian oil tankers on Tuesday night and Tehran responded with missile strikes on American bases in Jordan. Brent crude topped $100 a barrel for the first time since July. The largest cryptocurrency was recently trading near $79,000. Ether is 0.3% higher at $2,490 and XRP has added 0.4% to $1.42
Zcash breaks above 2018 highs, eyes 1600–2500 [Video]

Zcash breaks above 2018 highs, eyes 1600–2500 [Video]

We have talked extensively about the bullish outlook for Zcash (ZECUSD) over the past year, repeatedly highlighting the potential for a move back toward the 2018 highs and the $1,000 area. As anticipated, Zcash has now broken above its 2018 highs and pushed into the $1,000 region. The key question now is: how much upside remains?
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.