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.
The Dutch central bank intends to actively participate in any related policy discussions around a European CBDC in the future. The central bank concluded that if Europe’s leadership did decide to decisively move forward on a CBDC trial, the Netherlands would be an excellent environment for early initiatives.
Crypto investors await the bitcoin halving event, which might be favourable for bitcoin price as the supply rate will cut to half offering a bullish signal in the basic supply-demand economics.
Download our Q2 Market Global Market Outlook
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.
Don’t miss a beat! Follow us on Telegram and Twitter.
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.