Bitcoin price faces a stiff resistance wall that has prevented weak bullish momentum from passing through.
Not only is S&P Dow Jones bringing Bitcoin to Wall Street, but Stone Ridge and its subsidiaries FIS and NYDIG are set to offer the pioneer cryptocurrency to the retail end of the market.
The multinational investment bank is launching BTC Non-Deliverable Forwards , which are a form of derivatives contracts that track BTC price.
The daily chart shows Bitcoin price has failed to slice through the immediate supply zone that extends from $56,065 to $57,965.
For this reason, only a daily candlestick close above the aforementioned resistance area will signal a resurgence of buyers, which could potentially kick-start a new uptrend.
Shattering these two levels of resistance will set the precedent for Bitcoin price to retest its all-time high at $64,895 and perhaps enter price discovery mode.
Supporting the bullish narrative is the supply of BTC held on exchanges.
While the upswing outlook seems logical, a potential spike in selling pressure that leads to a decisive close below the 100-day SMA at $52,379 could be catastrophic .
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