Bitcoin price retreat today as the correction from the recent highs continue. The number one cryptocurrency rebound from the depths of the coronavirus sell-off, stalled at the 50-day moving average the previous week. The last four trading session bitcoin consolidates between 6,800 and 6,950.
Crypto investors await thew bitcoin halving which might be favourable for BTCUSD as the supply rate will cut to half offering a bullish signal in the basic supply-demand economics.
Bitcoin is 1.09% lower at $6790, with capitalization now at $214.95 billion. Ethereum is 0.63% lower $156.04. Litecoin is 1.69% lower at $40.65.
Download our Q2 Market Global Market Outlook
Bitcoin Price Support and Resistance
Bitcoin hovers around 6,800 mark for the fourth consecutive session in search for direction after the recent rebound. The technical outlook is neutral to bearish now for bitcoin after BTCUSD failed to break above the 50-day moving average which would cancel the negative outlook.
In the likely event of a further correction, first support for BTCUSD will be met at $6,766 the daily low. If BTCUSD pierces below that level, the next support stands at $6,556 the low from yesterday’s trading session. Below 6,556, the next resistance zone stands at 6,113 the low from April 1st session.
On the other hand, the immediate resistance stands at $6,933 the daily top. The second significant hurdle will be met at $7,091, the 50-day moving average. In case of a bullish breakout, bitcoin might test the high from April 1000 at 7,297.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- 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.