Bitcoin – BTCUSD recovered yesterday most of the recent losses as it managed to rebound from $6,400 the six-month lows and returned above the $7,000 mark. The recent sell-off attributed to one of the largest Ponzi schemes in China, the PlusToken.
Bitcoin today is 2.21% lower at $7,125, the capitalization added yesterday over nine billion and now stands at 129.84 billion. The total cryptocurrencies market cap is 178.65 billion. The trading volume increased in the last 24 hours and has reached 32.49 billion.
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Bitcoin – BTCUSD Regains the Critical $7,000 mark
Bitcoin – BTCUSD strong rebound gave bulls a breath and the short term control. The crypto pair stalled yesterday at $7,453 and briefly breached the descending trendline which started in mid-November.
On the upside, intraday resistance for BTCUSD stands at $7,372 the daily high. If bitcoin breaks above that level the next target for bulls is the $7,453 high from the trading session yesterday. More buyers will join the action if BTCUSD breaks that resistance. A break above the 50-day MA at $7,933 might cancel the bearish momentum and will scetch a brighter outlook for bitcoin.
On the other hand, first support for BTCUSD now stands at $7,114 today’s low. The $7,000 mark offered strong support for many days the previous week and will be the next support again. The next critical level on the downside stands at $6,400 the low from yesterday’s session. If bitcoin breaks below yesterday’s low then the next support will be met at $6,160 the low from May 17th.
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