fxs_header_sponsor_anchor

Bitcoin price analysis: Leads recovery above $6,400; Coinbase Pro suspends BTC/USD trading

  • Bitcoin price leads a brief market recovery session adding $169 in an hour on Friday.
  • Trading BTC/USD is expected to resume on Coinbase Pro at 4:00 p.m. UTC.

Bitcoin price broke the support we covered in the analysis published earlier in the day at $6,400. The slide continued below the short-term support at $6,350, but the bulls said no more to the sellers at $6,320. Currently, Bitcoin price has bounced in an engulfing candle adding at least $169 in one hour to trade above $6,500.

The bullish trend has stalled marginally above $6,500 and BTC/USD is reacting lower as it seeks support above $6,480. The path of least resistance is currently to the upside. Besides, the stochastic is still ranging in the overbought region. $6,500 is the immediate resistance zone while $6,520 will offer more resistance towards yesterday’s highs at $6,596.1. In the event, the support at $6,480 fails to hold, Bitcoin price will find support at the 61.8% Fib level taken between the last high at $6,596.1 and a low of $6,224.9 at $6,453.8.

In other news, Coinbase announced that it had identified an issue on its Coinbase Pro platform that was affecting BTC/USD order book. The exchange moved to halt the pair from trading. Customers on the platform remained in distress as the company carried out investigations into the matter.

“[status] Investigating: We are currently investigating issues with trading on the BTC-USD order book,” Coinbase Pro wrote on Twitter.

AMB Crypto reports that:

“Coinbase announced that the BTC/USD order book did not have the sufficient liquidity which was required to enter the limit-only mode. This was the reason for the clearance of the book and the platform is expecting to re-open the book at post-only mode at 4:00 p.m UTC. The post-only mode is set to remain for a minimum of 10 minutes.”

BTC/USD 15-minutes chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.