Bitcoin price analysis: BTC/USD locked in a range despite positive buzz from the Wall Street's crypto king

Bitcoin, the largest digital currency by market value, is changing hands at $6,341, mostly unchanged on a daily basis. The coin topped at $6,843 on July 7 and had been sliding ever since, however, the downside momentum is fading away on approach to $6,300 support.

Meanwhile, cryptocurrency enthusiast Bart Smith, known as Wall Street's crypto king, believes that Bitcoin is the best bet for investors because it is used in real life.

"If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin," he said during his interview with CNBC's Fast Money on Tuesday.
"The use case for bitcoin is valid today, which is the currency of the internet," he added.

Speaking about the use cases, he pointed out that bitcoin is useful for people who work in one country and send money to a different state, as Western Union and traditional bank services are either slow or too expensive.

Bitcoin's technical picture

On the intraday level, BTC/USD is locked in a narrow range with $6,400 on the upside and $6,279 on the downside. The resistance is strengthened by 50-SMA (1-hour chart), which also comes at $6,400. Once this level is broken, the recovery may be extended towards $6,560 (confluence of 100 and 200-SMAs, 1-hour chart). On the downside, a sustainable movement below $6,279 will open the way towards $6,000.

BTC/USD, the 1-hour chart