Bitcoin BTCUSD Rebounds From Six-Month Lows, Regains the 7,000 Mark

Βitcoin – BTCUSD finally yesterday managed to rebound from six-month lows and settled above the 7,000 mark, while today adds 0.41% at 7,159. The sell-off in cryptocurrencies started on Friday after the warning from PBOC that cryptocurrencies remain unauthorised illegal public financing and investors must be careful on virtual currencies.

Bitcoin capitalization recovered from 121.46 billion the lowest level since May to 130,07 billion, while the 100 biggest capitalization stands at 196.14.

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Bitcoin Resistance and Support

BItcoin managed to rebound over 10% yesterday and regained the 7,000 mark giving a deep breath to bulls. The RSI 14 on the daily chart also rebounded from deep oversold level at 20 to 28.80.

Bearish momentum can be canceled if BTCUSD breaks above the daily top at 7,344.91 while more bulls will jump in if the number one cryptocurrency breaches the November 22 high at 7,700.

On the other hand, Bitcoin sellers now target the $7,082 low from yesterday’s session. In case the bitcoin breaks below that level a move down to $6,554 six month lows will be the next support. Next level to watch on the downside is the $5,705 low from May 8th.More content