Bitcoin Price Breaks Above $7,000, Targeting $7,523

Bitcoin BTC

Bitcoin price gains momentum as it breaks above the $7,000 mark, as BTCUSD has established positive momentum since the March 13 lows. Bitcoin positive momentum accelerates above the $6400 mark where the crypto pair established a strong base.

South Korea started a pilot program for its national digital currency. The Bank of Korea announced the launch of this program earlier today. The program will be set up and tested through 2020. The Bank of Korea announcement followed the approval of the legislation by the Korean government to regulate cryptocurrencies.

Digital assets are on positive foot on Monday. Ethereum is 5.19% higher at 150.45, Litecoin (LTCUSD) is 3.94% higher at $41.97 while Ripple (XRPUSD) is 3.90% higher at 0.1864.

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Bitcoin Price Techincal Analysis

Bitcoin price is 4.63% higher at $7,089 making fresh five days high. Now the bulls are in control of the short term but the critical point that attract more buyers is at 7,523 the 50-day moving average. If bitcoin manages to break above then the negative trend will be canceled.

On the upside, the first resistance for BTCUSD stands at $7,115 the daily top. More offers will be met at $7,523 the 50-day moving average. The next hurdle for bitcoin stands at $8,146 the 100-day moving average.

On the flip side, first support for BTCUSD will be met at $6,773 the daily low. If Bitcoin breaks below, the next support stands at $6,562 the low from April 2. Next support area stands at $5,869 the low from March 30.

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