Bitcoin Price Bullish Momentum Above 7,000

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Bitcoin price finally breaks higher after the recent consolidation phase. Yesterday the price tested the 6,600 mark while today in Asian session broke below the 6,500 level. Bulls stepped in the early European session and managed to rebound sharply breaking above the 50-day moving average and return above the 7,000 mark. Today’s move gives the bulls the control while a close today above 7,000 might be the start of a leg higher up to 7,500 zone.

Positive news came from the U.S. state of Wyoming, which passed a law to allow the domestic insurance companies to invest in “digital assets” starting on July 1. Virtual currency is defined as a “digital asset that is: Used as a medium of exchange or store of value; and not regocnized as legal tender by the U.S. government.

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Bitcoin Price Technical Analysis

Bitcoin price is 6.36% higher at 7023, breaking above the 50-day moving average for the first time since February 26. A close above 7004 today might enhance the positive momentum targeting the 7,500 mark. The technical picture remains bearish despite today’s action, but a credible move above the 50-day moving average will cancel the negative trend.

On the upside, the immediate hurdle stands at $7,150 the daily top. The second critical resistance will be met at $7,313 the high from April 10. In case of a break higher, BTCUSD might test the high from April 7, at 7,463.

On the other side, initial support for BTCUSD stands at $6,472 the daily low. If BTCUSD price breaks below that level, the next support stands at $6,135 the low from April 1. Below 6,135, the next support zone stands at 5,695 the low from March 3.

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