Bitcoin Price Breaks Above 50-Day MA Keeping The Positive Momentum

Bitcoin price

Bitcoin price managed to break above the 50-day moving average as this weeks correction tested the critical support. The pullback from recent highs this week broke below the upward trendline that formed since the March lows. The positive trend is under threat now, and a close below the 50-day moving average might attract more sellers.
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Bitcoin Price Technical Evaluation

Bitcoin price is 1.35% higher at $6,947 hovering above the 50-day moving average. The crypto pair has lost the short term positive momentum as it trades below the upward trendline. The longer-term technical picture remains bearish unless BTCUSD breaks above the 100-day moving average.  

On the upside, the first resistance stands at $6,989 the daily top. The second important hurdle will be met at $7,204 the high from April 21. In case of a bullish breakout, Bitcoin might test the high from April 18, at 7,328.

On the other side, initial support for BTCUSD price stands at $6,819 the daily low. If bitcoin breaks below that level, the next support stands at $6,802 the 50-day moving average. Below 6,802, the next support zone stands at 6,607 the low from April 15.

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