Bitcoin price analysis: BTC/USD trading between moving averages support and resistance: Nasdaq to launch cryptocurrency exchange in future

Cryptocurrencies like Bitcoin support for commerce keep getting more and more mainstream.
Relative Strength Index (RSI) is pointing downwards confirming the selling pressure in the market.

John Isige FXStreet

Bitcoin price briefly traded below $8,700 on Thursday, before bouncing back towards $9,000 but the upside has been capped below $8,950. BTC/USD faced more resistance forcing another downside correction towards $8,700. However, the $8,700 support held its ground as Bitcoin price came up again to test the pivotal $9,000 level for the second time today.

According to Reuters, Nasdaq Inc (NDAQ.O) is considering launching a crypto exchange in future as the regulations in the space take shape. The CEO of Nasdaq, Adena Friedman said in an interview that cryptocurrencies like Bitcoin support for commerce keep getting more and more mainstream. However, he added that the digital assets are still lightly regulated but, this will have to change for Nasdaq to launch a crypto exchange platform.

“Over time, if it ultimately does morph into a regulated environment, it does give us an opportunity to participate as a marketplace, but I think that is a longer road and it doesn’t have a certain path right now,” Friedman said.

Bitcoin price technical analysis

The 100 SMA is offering resistance to the upside close to $8,920, while 50 SMA is supporting the price on the downside close to $8,825. BTC/USD broke above the bearish trend line on the chart, although a growing bearish momentum is present on the 15’ minutes timeframe chart. Similarly, the Relative Strength Index (RSI) is pointing downwards confirming the selling pressure in the market. There is highlighted support area at $8,800, but $8,700 will also offer support in the even BTC/BTC dips towards this levels.

BTC/USD 15’ chart

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

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