Bitcoin price made an impressive rally yesterday and managed to break above the $7,500 mark; We have discussed in our previous analysis that a break above $7,500 is a bullish signal. Bitcoin broke to the upside the recent consolidation phase and managed to return above the upward trend line that drives the crypto pair since the March lows. Another positive signal is that the 50-day moving average resistance has now turn into support and tested several times successfully in the last two weeks.
Traders await the bitcoin halving event, which is less than three weeks away and might be positive for bitcoin price as the bitcoin supply rate will cut to half.
Bullish momentum also prevails and in other cryptocurrencies. Ethereum is 1.65% higher at $188.76. Litecoin is the outperformer today and is 3.77% higher at $44.62. Ripple is 1.90% higher at $0.1964.
Bitcoin price is 1.30% higher at $7,576 close to five-week highs as the rally that started four days ago is intact. The short term momentum is positive for the short term, and bulls are in control above the 50-day moving average. Long term technical outlook remains bearish and can be cancelled if the bitcoin price breaks above the 100-day moving average.
On the upside, the first resistance stands at $7,612 the daily high. The second significant hurdle will be met at $7,988 and 8,023 the 200 and 100-day moving average. On a continuation of the upside move, bulls will be looking for an extension above 8,903 the high from March 8.
On the other side, the 50-day moving average has held so far and provides strong support. Intraday support for bitcoin will be met at 7,466 the daily low. Bears will take control below the 50-day moving average targeting 6,484 the low from April 16.