The digital currency got an upside boost from the reports that New York's Department of Financial Services granted Square a license, allowing users of the Cash app in the state to trade bitcoin . According to the app’s first quarter call, it has 7 million active users. Nevertheless, this is not a meaningful driver for the BTCUSD pair which remains within the downtrend since late 2017.
From the technical point of view, bitcoin has been trading above the key moving averages in the hourly charts, where the current picture looks neutral. Meanwhile, in the longer term timeframes, the background still looks as long as the price is below the key $7,800 threshold. The cryptocurrency now needs to get back above the $7,000 figure to show a more sustainable rebound. On the downside, the immediate support lies around $6,400.