Bitcoin price analysis: Must reclaim $6,500 for the next bull run

After Bitcoin escaped the range resistance earlier this week, the buyers increased their grip on the price. BTC/USD skyrocketed past $6,400 reclaiming $6,500 before stopping at $6,530. There was consolidation with the downside protected at $6,500 yesterday. However as predicted, the price broke the short-term support at $6,500 and tested the range resistance turned support at $6,441.72.

In other Bitcoin related news, Morgan Stanley, one of the world’s largest investment bank says that Bitcoin (BTC) is the Goldmine for institutions. The bank says that there is a lot of interest from institutional investors. The bank said this in a report that was titled ‘Bitcoin Decrypted: A Brief Teach-in and Implications.’ The report states that institutional investors are currently receptive of the virtual currencies. Moreover, crypto assets in management services has grown significantly to $7.11 billion compared to the values in 2016. The management services are accessible via VC firms, private equity firms as well as hedge funds.

Meanwhile, Bitcoin is trading at $6,452 after correcting a subtle 0.8% on Thursday. The MACD on the hourly chart shows strong sell signal for the bears. The Fast Stochastic Oscillator, on the other hand, touched the oversold on the downside before recovering slightly to 39.58. This means the bulls are not a sleep and are ready to defend the support at $6,440. Below this, the 50 SMA is positioned to offer support. Similarly, the 100 SMA coinciding with the range support at $6,375 is positioned to stop a slide towards $6,300. Bitcoin’s major support is at $6,200.