Bitcoin Price Consolidates At Six Week Highs

Bitcoin - BTCUSD
Bitcoin - BTCUSD

Bitcoin price retreat slightly today as crypto investors poised for a test of the 100 and 200 day moving averages. A healthy uptrend that started since the March 13 lows is intact making fresh six week highs. Bitcoin approaches slowly to the strong critical resistance at 100day moving average, which will determine the trend in the upcoming weeks.

The World Economic Forum (WEF) earlier today published a report looking at how the deployment of blockchain-based solutions can address the supply chain inefficiencies and failures that have been exposed by the coronavirus outbreak. World Economic Forum has also released a blockchain deployment toolkit intended to assist government and businesses in adapting their supply chains to the current economic climate.

Investors await the third Bitcoin block reward halving which will occur in two weeks from now, and many bet that a strong rally will incur before the halvening event. The question that traders needs to answer is how much of the halving event has already been discounted in Bitcoin price since the March lows rally.

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Bitcoin Price Resistance and Support

Bitcoin price is 0.48% lower at $7,749 at six-week highs as the rally that started the previous week after it broke above the 50-day moving average is gaining momentum. Bulls are in control for the short term, and a test of the 100-day moving average looks possible. A break above might initiate another leg higher, targeting the 9,000 mark. 

On the downside, immediate support for BTCUSD stands at 7,650 the daily low. The next critical level to watch in case of further pressures is low from April 26 at 7,420. Bears will regain control below the 50-day moving average at 6,684. 

On the other side, initial resistance stands at $7,798 the daily high. The second important resistance will be met at $7,978, the 100-day moving average. In case of a break higher, then the bitcoin bulls will be looking for an extension above 8,903 the high from March 8.  


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