BTC/USD meddling under $6,500 handle after an unimpressive recovery as another USD-backed coin hits the market

• BTC/USD continues the directionless trading in a range.
• Circle announces the launch of USD Coin.

BTC/USD is changing hands at $6,475 with marginal gains since the beginning of Thursday’s trading in Asia. The digital currency No. 1 managed to recover from $6,327 low on September 25; however, the upside momentum remains too weak to allow for an extended recovery above $6,500 handle.

Bitcoin’s technical picture

Looking technically, BTC/USD is trading in the range limited by $6,114 (September 8 low) and $6,784 (50% Fibo retracement). A sustainable move above the mentioned resistance is needed to get a chance for an extended recovery towards $7,000. This development will strengthen the bullish stance and confirm the long-term reversal from June 24 low at $5,770.

On the downside, the local support is created by $6,424 (23.6% Fibo retracement), followed by $6,330 (September 25 low and the short-term upside trendline). Once below, the sell-off is likely to continue until the above mentioned $6,114 handle.

Another stablecoin hits the market.

A cryptocurrency startup Circle and the owner of crypto exchange Poloniex, has launched its USD Coin (USDC). This is a coin, created in association with affiliated CENTER Consortium, will facilitate transactions with tokenized dollars on public blockchains, promoting the mass adoption of the technology and the concept of digital currency.

“The primary application for fiat stablecoins over the last 18 months has been as a mechanism for trading and hedging in global crypto capital markets. Investors and traders need seamless on and off-ramps for fiat currency into the exchange ecosystem, and need to be able to hedge in and out of volatile crypto assets, as well as move stable value across exchange venues to seek arbitrage and liquidity opportunities,” the company said in its press release.

USDC will soon be available on all major cryptocurrency exchanges, including decentralized platforms and many other crypto projects.

“Exchanges, where USDC will be listed for trading soon, include DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug, and XDAEX, thus allowing millions of retail and institutional investors around the world to use a transparent, price-stable cryptocurrency to trade against hundreds of different crypto assets.”

BTC/USD, daily chart