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Bitcoin BTCUSD Rejected at $7,500 Again

Bitcoin BTC

Βitcoin – BTCUSD consolidates in the middle of the weekly trading range at $7,384. Yesterday BTC made an attempt above the $7,500 but retreated again back to $7,300 region. Trading volumes are above average the last trading sessions and that has added to volatility.

The BTC capitalization stands at 134.49 billion while the volume has slowed to 17,65 billion. The total capitalization of the 100 biggest cryptocurrencies regained the 200 billion mark.

Bitcoin Attracts Central Banks Attention

Central banks are looking at how to enter the cryptocurrencies market. Francois Villeroy de Galhau the Bank of France Governor, argues that the European Central Bank must move in creating a central bank digital currency (CDBC) to get an early advantage on the cryptocurrency race. People’s Bank of China is leading the race to develop a central cryptocurrency. PBOC closely monitors the digital currencies market issuing several warnings and mandates about the bitcoin and other cryptocurrencies.

The South Africa revenue service introduced a cryptocurrency tax that will apply to all cryptocurrency assets. South African citizens who are trading crypto will be expected to start declaring any profits and losses from crypto transactions.

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Bitcoin Capped at $7,500

Bulls yesterday made another attempt to break above the 7,500 mark but failed to overwhelm the supply and retreated as the momentum is negative and any upside move attracts many sellers.

First support for bitcoin stands at $7,325 the daily low, while yesterday’s low at 7,157 guards the $7,000 mark. If there is a downside break of that level then bears might push the price  down to $6,534 the November 25th low. Next target to the downside stands at  $5,705 the May 2019 lows. Sellers can sit comfortably as long as the bitcoin trades below $7,500, while those who are looking to enter a short position might wait for a break below 7,000.

Bitcoin Resistance Levels

On the other hand, immediate resistance for BTCUSD stands at $7,442 the daily high. In case the bitcoin breaks above bulls will target the December 4th top at $7,770. Bitcoin outlook remains bearish and the rebounds should considered a selling opportunity. A close above the 50-day moving average at 8,275 might cancel the recent negative outlook.

Crypto traders must be patient now, a break above 7,500 might be a buying signal but the most conservatives traders need to wait for a break above the 50-day moving average.

ETHUSD the second-largest digital currency by capitalization trades 0.13% lower at $147.80, while XRPUSD trades 0.36% higher at $0.2237.More content