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.

Tanya Abrosimova Independent 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

Author

Tanya Abrosimova

Independent Analyst

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