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Bitcoin Bulls Aim Towards 100-Day MA

BTCUSD - Bitcoin Price USD
BTCUSD - Bitcoin

Βitcoin – BTCUSD trades 1.80% higher today at $9,394.32 close to monthly highs as bitcoin failed to break convincingly above the 100-day moving average the last three trading sessions. BTCUSD price formed a high around 9,935 after last weeks rally.

Bitcoin capitalisation now stands at 169.65 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 250.81 billion.

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Bitcoin Resistance and Support Levels

Bitcoin is trading higher today, but off daily highs as the number one crypto finds strong resistance at the 100-day moving average. BTCUSD technical picture is positive now for the short term, as the price trades above the 50 and 100-day moving average. On the upside, bitcoin strong resistance now stands at 9,573 daily top and then at 9,626 the 100-day moving average. This is a critical resistance point, if BTC price run away that level more bears will join the downward move, a break to the upside will push bitcoin to higher levels.

Immediate support for bitcoin stands at 9,204 today’s low; A break below that support might drive the price down to 8,985 the 200-day moving average before a visit down to 50-day moving average at 8,834 zone. Bears might enter a short trade if bitcoin breaks below the 200-day moving average targeting the 9,000 round figure.Download our latest quarterly market outlook for our longer-term trade ideas.

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