Bitcoin price analysis: BTC/USD lacks direction, flirting with $8,000

Bitcoin has been toing and froing around $8,000 pivot for some time now. As bullish momentum fizzled out, the crypto market entered the consolidation phase. While the short-term technical picture improved with BTC/USD gaining nearly 16% during the previous week, the longer-term trend remains bearish due to regulatory concerns and restrictive measures taken by different countries. 

Financial institutions are wary of digital assets as they are not fully legalized and entail regulatory risks. High volatility is also a concern for big players such as asset managers, and global funds. While there is not enough evidence that institutional players are coming to the market, one Citi company is engaged in developing the blockchain technology. True Potential, the financial and technology company with assets under management, is incorporating blockchain into its trading platform.

“We will also be the first Investment Platform in the UK to be using Blockchain at its heart, at first to audit our own systems, but increasingly to interact with others to produce greater clarity and certainty in both the supply chain and our own customer value chain,” True Potential's Managing partner David Harrison commented as cited by Express.co.uk.

Bitcoin price technical picture

BTC/USD is trading at $8,100, having touched the intraday high at $8,158. Hourly 100-EMA and 50-EMA located at $7,980 and $8,050 respectively, provide support in case of resumed decline. If this area is cleared, the downside may be extended towards 200-EMA (hourly interval) at $7,780 and towards the pivotal $7,500. On the upside, the ultimate goal is $8,400 followed by $8,500.