Bitcoin price analysis: BTC/USD slides below the new pivotal level at $7,000 while big banks continue to send mixed messages about Bitcoin
- JP Morgan Chase is currently offering Bitcoin futures to investors.
- The upside is capped by increasing resistance around $7,200 (100 SMA).
Bitcoin price is struggling to stay above the pivotal $7,000 level during the trading on Friday. After recovering from $6,678 low at 04.30 GMT, the upside momentum was capped below $7,200. The largest cryptocurrency by market capitalization embarked on yet another downside slide below $7,000.
Big banks, on the other hand, continue to send mixed messages about Bitcoin trading. However, it is evident that the banks are slowly warming up to the digital assets. Notably, the CEO of JP Morgan Chase, Jamie Dimon called cryptos stupid in 2017, in an interesting turn of events, his bank is offering Bitcoin futures to interested investors. A considerable large number of banks are also offering cryptocurrency funds transfer to and from exchanges.
Technically, Bitcoin price is trading below the 50 SMA on the intraday 15’ chart. The price is eyeing the $7,000 level, although the upside is capped by increasing resistance around $7,200 (100 SMA). The MACD momentum indicator is slightly dipping into the negative territory as seen on the chart to signal increasing selling pressure. The immediate support level for Bitcoin is at $6,678. If the selling pressure drives the price below this level Bitcoin price could test $6.500 in the near-term.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
