Bitcoin price analysis: BTC/USD battling for support above $7,600, Bittrex partnership with New York-based Signature Bank “USD to crypto” trading

• Bitcoin, TrueUSD as well as Tether are the assets to benefit from the partnership with Signature Bank.
• Bitcoin price will find support at $7,500 and $7,400 respectively.

Bitcoin price is trading marginally above $7,600, but the current immediate support is at risk of being broken. BTC/USD along with the other major coins like Ethereum, Ripple and Bitcoin Cash made considerable upside corrections during the weekend sessions. Bitcoin price broke above the resistance at $7,700, but the upside was limited below $7,750 followed by downside correction during the Monday Asian trading hours.

The Seattle based cryptocurrency exchange, Bittrex has entered into a partnership with a bank in New York. The move is geared towards allowing some of the corporate customers to trade “USD to crypto” on the exchange. The assets that will benefit from the partnership with Signature Bank are Bitcoin, TrueUSD as well as Tether. The CEO of Bittrex, Bill Shihara said in a comment:

“It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”

Bitcoin price, on the other hand, is immediately supported by the 38.2% Fib retracement with the last high leg of $7,907 and a $7,090 low. Both the 50 SMA and the 200 SMA are pointing towards short-term lower corrections. Besides, the MACD is moving into the negative territory to signal that the bears are gaining control. The 50% Fibo will support the price around $7,500 but $7,400 is still within reach on the downside. On the upside, the key resistance is at $7,750 toward the psychological $7,800 level.

BTC/USD 1-hour chart