Bitcoin price analysis: BTC/USD stays in a good old range, unmoved by institutional adoption news

Bitcoin is changing hands at $6,556, unchanged both on a day-on-day basis and since the beginning of Monday. The price of the digital coin No.1 has been hibernating in a narrow range for the past 10 days amid low volatility and diminishing trading volumes.

What’s going on

Financial heavyweights continue to join the crypto space, pushing the market closer to the much-desired state of mass adoption. Thus, TD Ameritrade, an online broker, invested in ErisX, a startup that offers a trading platform for cryptocurrency futures and spot contracts. ErisX platform complies with existing regulatory requirements for spot and futures trading, according to TD's head of futures and forex trading JB Mackenzie. The companies will develop crypto related products for retail investors.

“ErisX is creating what was a very interesting opportunity to have traditional capital markets with a legitimate regulated exchange that is bringing all the traditional partners on one centralized platform. Customers wanted to have the ability to invest in something that is transparent and that is regulated,” Mackenzie explained 

Bitcoin’s technical picture

BTC/USD attempted to develop an upside movement during early Asian hours but stopped short of $6,600 handle, which is considered a strong resistance that has been limiting the recovery since the beginning of October. A decisive breakthrough will create a strong bullish momentum that will take the price towards $7,000.

On the downside, BTC/USD is supported by $6,545, enhanced by a confluence of MA levels (1-hour chart). If it is cleared, the downside may be extended towards the vital support at $6,400.

BTC/USD, 1-hour chart