Bitcoin price analysis: BTC/USD leads yet another market selloff, down over 1% on the day; Masventas bank in Argentina starts cross-border transfers using Bitcoin

Bitcoin price extended its downward movement I the early trading hours on Wednesday somehow carrying the entire market with it. The most-traded digital asset continued with the slide initiated on Monday 21 breaking below $8,000 level for the second time in the month of May. BTC/USD is down 1.22% while a week support has been formed at $7,800.

The Banco Masventas bank in Argentina has started a program that will enable its customers to make cross-border payments using Bitcoin as the base currency. The bank intends to have the program include at least 50 countries while the time for transactions should take not more than 24 hours. The endeavour has been made possible through a partnership with a crypto exchange startup called Bitex. The bank becomes the first to handle international fund transfers using BTC in the same way SWIFT is used across the board. The bank is taking a hands off approach where customers will not be interacting with Bitcoin. They request to make a transfer and the bank sends the Bitcoin.

Bitcoin price analysis shows that a bullish momentum is forming on the charts but the selling pressure is too high and is minimizing the gains. BTC/USD is trading at $7,839, moreover, on the upside, the 68.2% Fib retracement level with the previous swing high of $9,890 and a low of $6,832 will offer more resistance as the price retraces steps back above $8,000. The RSI on the 240’ timeframe chart is in the oversold levels, although a short-term support is at $7,800. A drop beyond this level will find another support at $7,750.

BTC/USD 240’ chart