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Bitcoin Price Analysis

  • Morgan Stanley is going to provide an avenue for investors to access Bitcoin derivatives while utilizing ‘price return swaps.’
  • Bitcoin is up 2.8% on the day but a support above $6,500 is vital for further upside moves.

Bitcoin is leading is leading other cryptocurrencies in the recovery on Thursday. The resistance at $6,480 discussed in an earlier published analysis has been overcome leading to a step above $6,500. Bitcoin is up 2.8% on the day, besides the buyers are looking forward to $6,520.

In the latest news related to Bitcoin, Morgan Stanley is said to be exploring plans to offer its clients Bitcoin trading services. The information was published by Bloomberg which cited an anonymous source. The bank is going to provide an avenue for investors to access Bitcoin derivatives while utilizing ‘price return swaps.’ These swaps allow investors to trade using Bitcoin futures and contracts without owning Bitcoin (BTC).

In the meantime, Bitcoin buyers must increase entries and find a support above $6,500. Further up the next resistance target is at $6,520 but $6,560 is in sight. The former resistance at $6,480 will offer support if declines progress below $6,500. Significantly, $6,400 and $6,200 are vital anchor zones that must be protected. The stochastic has been ranging in the overbought region since yesterday signaling that the bulls have the influence. In addition to that, the MACD has risen to +50 after being confined in the oversold region since Monday.

BTC/USD 1-hour chart

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