- Bitcoin sits comfortably above $6,400 as buyers look towards $6,500 in the medium-term.
- Barclays shuts down the newly launched crypto trading desk; reasons for closure are not sufficient.
The bullish move on Monday has culminated in consolidation below $6,500. Bitcoin price revamp the trend during the trading yesterday adding at least $500 in less than one hour. The support at $6,200 prevent further declines during the weekend trading while the upside was limited at $6,300. A break that overcame the moving averages resistance triggered overwhelming gains above $6,600. The spike retraced higher towards $6,700 but bulls were unable to sustain gains above $6,700.
Therefore, Bitcoin started to trim the gains and retreated below $6,600 and $6,400. Moreover, there was a break below $6,400 but the bulls stood their ground above $6,350. In the interim, Bitcoin has corrected above $6,400 but it is still lacking the momentum to break above the medium-term resistance at $6,500.
Bitcoin is sitting comfortably above $6,400 but indicators show that sellers are fighting for entry positions. The initial support for BTC/USD is $6,400; coinciding with the bullish trendline. The simple moving averages (both 50 and 100) are positioned to stop declines. The next support target is at $6,200 while the demand zone at $6,100 will work as the primary support.
In other news, Barclays bank is reported to have closed its newly launched cryptocurrency trading desk. The crypto trading services were launched earlier this year but the reasons behind the shutdown are vague. Other banks like Goldman Sachs have expressed their interest in offering crypto trading services. The closure has, however, been confirmed by sources familiar with the issue according Financial News London.
BTC/USD 1-hour chart
-636752773200338327.png)
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?