Bitcoin price analysis: BTC/USD upside capped below $9,500; Wall Street warming up to cryptocurrency trading

The cryptocurrency market is fairly quiet on Tuesday although the charts are witnessing the green colour return after the downside corrections that took place on Monday. Bitcoin is up a subtle 0.84% in the last 24 hours although its upside movements have been capped below $9,500. Bitcoin has remained untouched by regulators around the world but the same cannot be said about the second largest cryptocurrency by capitalization, Ethereum (ETH) which has caught the attention of regulators. The fate of Ethereum remains unknown and whether it has been violating the securities laws since inception in 2014 is a decision to be made by the regulators.

Lately, some big names on Wall Street have been expressing their interest in Bitcoin trading – an asset that has remained in the confines of unregulated sections of the financial world. The New York Stock Exchange parent company (Intercontinental Exchange –ICE) is preparing to introduce an online platform that will give clients the opportunity to purchase and hold Bitcoin. This comes after another Wall Street financial guru, Goldman Sachs announced that it was intending to start a Bitcoin Trading unit for the bank. The decision by the two companies is a noticeable shift in the way big financial institutions are seeing Bitcoin and other virtual currencies. In April we had CEO of Nasqad, Adena Friedman say that if regulations are smoothened, they could look into starting a cryptocurrency exchange platform.

Bitcoin price analysis

Bitcoin price has dropped below the supported level at $9,300 and it is testing the next immediate support at $9,250. On the upside, BTC/USD encountered selling pressure at $9,456 opening the gate for lower corrections cancelling the gains that had been made during the Asian trading hours. The moving averages are also providing resistance to the upside, although buyers are psychologically eyeing $9,500. The MACD on the 15’ timeframe chart is in the negative levels. If the support at $9,250 fails to hold, the next support is at $9,200, below this, level, $9,100 will stop declines towards $9,000.

BTC/USD 15’ chart