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.
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 outlookfor our longer-term trade ideas.
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