- Panic selloff leads to a deflated crypto market as Goldman Sacks abandons plans for a crypto desk.
- Bitcoin has made a slight recovery towards $6,500 but the bears are still pushing for lower corrections.
Bitcoin price is consolidating losses above $6,400 after plunging mercilessly to $6,300. The panic sell in the market began after news of the investment bank, Goldman Sachs had abandoned its intentions to offer cryptocurrency services. The previous selloff in August was catalyzed by the U.S Security and Exchange Commission after it rejected a Bitcoin ETF proposal. It is also likely that investors are retreating early before the next ETF decision later this month.
Meanwhile, Bitcoin is confined to a short-term falling wedge pattern with support at $6,273.94. The trendline resistance is preventing retracement towards $6,500. Bitcoin price has witnessed a brief spike from the short-term support at $6,400. However, the bulls lost steam short of $6,500 giving the bears an entry.
The trend is slightly positive, besides the stochastic oscillator on the 15-minutes chart is retreating slightly from the oversold. A support will have to be established above $6,500 for BTC/USD to form a trajectory to $6,600. The moving averages are offering both support and resistance; the 50SMA is proving support at $6,410.27 while the 100SMA will give the bulls a hard time at $6,626.72.
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BTC/USD 15’chart 
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