Bitcoin price analysis: BTC/USD resumes downside, unaffected by LMAX launching crypto trading for institutional players

FCA regulated fiat currency exchange launches crypto trading platform.
BTC/USD reached 100-SMA at $8,295.

Tanya Abrosimova Independent Analyst

Bitcoin is trading marginally above $8,300 handle, having recovered from Asian low registered at $8,263. Bullish momentum faded away on Monday on approach to $8,600, thus digital coin No. 1 resumed the downside and slipped back below critical $8,400 level. BTC/USD has lost 2% during recent 24 hours, while trading volumes stabilized at $5.1B.

LMAX Exchange group announced the launch of cryptocurrency trading platform - LMAX Digital - dedicated solely to institutional clients. This FCA-regulated venture aims to bring digital assets to mainstream and facilitate their acceptance by institutional sector.

“We are furthering the legitimization of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity,” said David Mercer, CEO of LMAX Exchange, in the official press release.

LMAX claims that the decision was made in response to numerous requests from existing clients, LMAX Digital will offer only the most liquid and established cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash.

While the news was supposed to be a strong bullish trigger as proves the heightened interest towards this type of assets from institutional players, the market was largely unmoved, drifting lower under weight of speculative positioning.

Bitcoin's technical picture

Technically, BTC/USD selling pressure increased as the coin broke below the short-term upside trendline at $8,340. Currently, it is trading at 100-SMA (hourly chart) at $8,295. Once this support is broken, the price will move lower towards $8,000 handle with the next target at $7,683 (23.6% Fibo). The upside is capped by $8,373 (200-SMA) on approach to $8,400 and 38.2% Fibo at $8,425.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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