Tanya Abrosimova
Independent Analyst
BTC/USD observes the range, unchanged in recent 24 hours.- Financial heavyweight TD Ameritrade joins the crypto space, but Bitcoin traders don't care.
Bitcoin is changing hands at $6,556, unchanged both on a day-on-day basis and since the beginning of Monday. The price of the digital coin No.1 has been hibernating in a narrow range for the past 10 days amid low volatility and diminishing trading volumes.
What’s going on
Financial heavyweights continue to join the crypto space, pushing the market closer to the much-desired state of mass adoption. Thus, TD Ameritrade, an online broker, invested in ErisX, a startup that offers a trading platform for cryptocurrency futures and spot contracts. ErisX platform complies with existing regulatory requirements for spot and futures trading, according to TD's head of futures and forex trading JB Mackenzie. The companies will develop crypto related products for retail investors.
“ErisX is creating what was a very interesting opportunity to have traditional capital markets with a legitimate regulated exchange that is bringing all the traditional partners on one centralized platform. Customers wanted to have the ability to invest in something that is transparent and that is regulated,” Mackenzie explained
Bitcoin’s technical picture
BTC/USD attempted to develop an upside movement during early Asian hours but stopped short of $6,600 handle, which is considered a strong resistance that has been limiting the recovery since the beginning of October. A decisive breakthrough will create a strong bullish momentum that will take the price towards $7,000.
On the downside, BTC/USD is supported by $6,545, enhanced by a confluence of MA levels (1-hour chart). If it is cleared, the downside may be extended towards the vital support at $6,400.
BTC/USD, 1-hour chart
-636745672963756530.png)
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.