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Bitcoin in Narrow Range as Goldman’s Support Draws Muted Reaction

© Reuters.
© Reuters. – Bitcoin got the thumbs up from famed investment bank Goldman Sachs on Monday, but that did little to spark a meaningful move in either direction as the popular crypto traded within a narrow range.

rose 0.6% to about $11,420, with trading action restricted to a narrow range between $11,267 and $11,508, the session high and low.

Goldman Sachs threw its weight behind bitcoin, encouraging investors to buy the popular crypto on weakness as the investment bank believes a break above $12,000 could be within sight over the near term.

“Any such retracement (in bitcion) from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” according to slides prepared by the bank’s technical analysis.

But a move below current prices to around $11,094 could draw in support the bank said, adding that there was room for a move higher to $12,916 and subsequently to $13,971.

Bitcoin’s subdued performance comes in the wake of a broader selloff, with investors shying away from other cryptos, which has dented market cap, often used a gauge of demand. The total crypto market cap fell to $296.77 billion, down from a peak of about $3.09 billion on Friday.

fell 1.43% to $0.3009, lost 0.91% to $211.47 and was down 6.03% to $85.67.

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