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

Investing.com – 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.