Bitcoin price analysis: BTC/USD rangebound after a failed attempt to settle above $7,500
Crypto News

Bitcoin price analysis: BTC/USD rangebound after a failed attempt to settle above $7,500

  • BTC/USD sits in a range, capped by $7,500.
  • Grayscale publishes investment research.

Bitcoin, the largest digital currency by market value, is changing hands at $7,430. The coin touched $7,584 on Wednesday, but failed to progress any higher since that time. While the downside momentum is not so active during Asian hours, the end of the working week might bring in some volatility to the cryptocurrency market.

Meanwhile, the Digital Asset Investment report, published by  Grayscale Investments, revealed steady growth of of net flows during the first half of 2018. The fund raised $250M in digital assets, which is the fastest pace ever. Moreover, the company registered strong interest from institutional investors, which might mean that the cryptocurrency industry is transforming from a  retail-majority market to a more mature institutional market.

Grayscale manages $2B in assets and operates a number of crypto funds for Bitcoin, Bitcoin Cash, XRP, and Ethereum.

Bitcoin’s technical picture

From the longer-term perspective, BTC/USD is capped by 100-DMA (currently at $7,611). Once it is cleared, the next critical hurdle, produced by 50% Fibo ($7,862) will come into focus.  On the downside, the nearest support comes at $7,000, followed by $6,761, which is 23.6% Fibo retracement, strengthened by 50-DMA.

BTC/USD, the daily chart

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