Tanya Abrosimova
Independent Analyst
- BTC/USD has stuck in a narrow range, capped by $6,400.
- Investment tycoon has set a working group to to see if cryptos has a potential.
Bitcoin, the largest digital currency by market value, is changing hands at $6,357. The coin touched $6,385 on Sunday, but failed to progress any higher since that time. While the downside momentum is not so active during Asian hours, the end of the working week might bring in some volatility to the cryptocurrency market.
Meanwhile, investors from the parallel world of traditional finances continue exploring the opportunities offered by digital assets. Thus, BlackRock, the world's largest asset manager, has created a working group to investigate the benefits of cryptocurrency market.
BlackRock is a prestigious financial institution with an established reputation. Its interest in Bitcoin and other virtual coins could be a turning point cryptocurrency legitimizing and mass adoption.
BlackRock is going to publish its financial data on Monday, July 16. The revenues are forecasted to increase over 21% for fiscal quarter ending on June 2018.
Bitcoin's technical picture
On the intraday level, BTC/USD is supported by $6,300 handle, which coincides with 50-SMA. The next support level comes at $6,276. This is the the lower line of former channel. Once it is broken, the sell-off may be extended towards $6,259 (100-SMA, 1-hour chart). On the upside, the nearest resistance comes at $6,400 closely followed by 200-SMA. A sustainable movement higher will open the way to $6,760 (Fibo retracement level).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.