Bitcoin Price Builds On Positive Momentum Targets $ 7,000

Bitcoin price BTCUSD

Bitcoin price keeps the positive momentum after yesterday’s strong gains. Bitcoin has established an upward trend since the March 13 lows. Bitcoin building a positive momentum making higher highs and higher lows the last two weeks, and for now the selling pressure absorbed above $6,000 mark. Central banks intervention ease investors fears about the coronavirus outbreak impact. Traders are returning back to risky assets as the valuations are attractive.

Cryptocurrencies are trading mostly higher today. Ethereum is 0.87% higher at 137.15, Litecoin (LTCUSD) is 0.61% higher at $39.60 while Ripple (XRPUSD) is 0.99% higher at 0.1771.

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Bitcoin Price Levels to Watch

Bitcoin price is 0.24% lower at $6,635 close to weekly highs. The technical picture has improved for the short term but the long term outlook is still bearish; if bitcoin manages to break above the $7,000 mark might experience a new wave of bids.

On the downside, first support for BTCUSD will be met at $6,575 the daily low. If Bitcoin breaks below, the next support stands at $6,154 the low from yesterday’s trading session. Next support area stands at $5,875 the low from March 30.

On the other side, the first resistance for bitcoin stands at $6,766 the daily top. More offers will be met at $6,878 the high from March 27th trading session. The next hurdle for bitcoin stands at $6,990 the high from March 25th.

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