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Bitcoin price analysis: BTC/USD settles above $8,600; Wall Street slowly adopting crypto reality

BTC locked in a range with marginal gains during recent 24 hours.
Crypto exchange powered by NASDAQ is good news for the industry.

Tanya Abrosimova Independent Analyst

Bitcoin catapulted to $8,717 on Monday, to trade at $8,670 at the time of writing. The digital currency No.1 has been volatile lately influenced by a variety of factors from Mt.Gox selling Bitcoins rumors to the launch of NASDAQ-powered crypto exchange.

Obviously, that positive momentum was triggered by the news that NASDAQ is opening centralized cryptocurrency exchange next month, making Wall Street one more step closer to full adoption of new crypto reality.

The exchange will offer easy on-boarding process and zero trading fees for trading. Customers will be able to trade crypto versus fiat, convert coins to digital assets and back.

Read the full coverage here

This is a very welcoming news for cryptocurrency enthusiasts, which has a potential to create enough momentum to take the coin above $9,000 and stimulate an extended recovery

Bitcoin's technical picture

On the short-term scale, Bitcoin's upside is limited by 200-SMA (hourly chart) at $8,921. Once it is cleared, $9,000 will come into focus, a sustainable movement above $9,000 will improve short-term technical picture. On the downside, the support is created by a cluster of 50 and 100-SMA around $8,570 area. It is followed by $8,400 and $8,000.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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