Bitcoin – BTCUSD made an attempt to breach the $7,500 level yesterday but rejected for one more time. The pullback brought the price down to $7,350 zone and the correction today continues as the bitcoin gives up 0.20% at $7,371. BTCUSD has formed a bottom at the 7,120 region that provided the rebounds which stalled at the $7,500.
Bitcoin – BTCUSD investors await the ETF’s approval from SEC, while the crypto derivatives exchanges attract investors attention. Derribit and Bakkt derivatives platforms launched earlier this year offer futures and options on BTC with the volumes increasing in the last months as they attract institutional portfolios.
Bitcoin – BTCUSD Trading Range Between $7,126 – $7,520
Bitcoin – BTCUSD met intense selling pressure above the $7,500 mark yesterday that overwhelmed the bulls. Now BTCUSD in order to keep the positive momentum needs to hold above the $7,270 the low from yesterday’s session. Intraday support stands at 7,302 the daily low. More bids will emerge at 7,045 the low from December 27th, while more support for the crypto pair stands at the 7,000 mark which absorbed the selling pressure the last week.
On the upside, initial resistance for BTCUSD stands at $7,384.90 the daily top. If BTCUSD moves higher it will face the resistance at the $7,520 area where the 50-day moving average cross and at $7,527 the high from yesterday’s session. A convincing break above will pave the way for the next resistance at 8,049 the 100-day moving average which if breached will cancel the recent bearish momentum and might signal the initiation for another leg higher.