Bitcoin price analysis: BTC/USD is rangebound after the calm weekend; hacked BitGrail lost its Bitcoins

Italian government seized digital assets of bankrupt crypto exchange.
BTC/USD is consolidating in a narrow range amid lack of fresh triggers.

Tanya Abrosimova Independent Analyst

BTC/USD is changing hands at $6,430, down 1.5% on daily basis. The digital coin No. 1 is rangebound after strong movements during the previous week, waiting for fresh triggers to set it moving.

Italian government seized Bitcoins from BitGrail accounts. The Italian cryptocurrency exchange hacked in February 2018, lost Nano (XRB) coins to the tune of $195M. The company refused to admit fault and accused Nano developers, citing buggy code. Meanwhile, Nano Core Team denied the charge. In May, Florence court banned the platform from operations with virtual currencies.

"On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company's wallets were seized and brought under control of the judicial authorities pending further Court decisions in the prebankruptcy proceeding," the official statement on BitGrail's website reads.

Bitcoin's technical picture

From the longer term perspective, Bitcoin's recovery momentum has faded away. The price continues to move within the upper channel of downside Andrew's Pitchfork, $6,900-$7,000 area creating a strong resistance. Once it is cleared, the upside may be extended towards $7,683, which is 23.5% Fibo. On the downside, $6,000 is the key support. A sustainable movement below will open the way towards 2018 low at $5,873 and to the long-term bearish aim at $4,000.

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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