Bitcoin Price Consolidates Between the 100 and 200-Day Moving Average

Bitcoin BTC

Bitcoin price is in consolidation phase after the recent correction from yearly highs. BTCUSD formed a base around 8400 supported from the 100-day moving average, while it is ranging between the 100 and 200 days moving average. The recent correction started two weeks ago after BTCUSD rejected at the 10500 mark.

The recent turbulence in markets also affected the digital currencies as many liquidate their positions to cover the margin calls in other assets such as stocks. Many analysts hope that bitcoin will act as a safe-haven asset but that was not the case in the current crisis.

The new week started with all the major cryptocurrencies trading in positive territory. Ethereum is 1.57% higher at 220.78 while the litecoin is 1.70% higher at 58.59. Ripple price is 2.94% higher at 0.2334

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Bitcoin Price Technical Outlook

Bitcoin price changing hands 1.54% higher at $8653 close to daily highs. The technical outlook is neutral now as the number one cryptocurrency trapped between the 200 and 100-day moving average. The correction on Sunday extended down to 8399 and managed to rebound up to the 200-day moving average at 8751.

On the upside, the initial resistance for BTCUSD stands at $8696 the daily high. More selling pressure will be met at $8733 the 200-day moving average. The next hurdle on the upside for the bulls stands at 8985 the high from February 27th.

On the other hand, initial support for BTCUSD will be met at $8486 the daily low. If the price breaks below, the next support stands at $8399 the low from yesterday trading session. Next critical support will be met at the 100-day moving average at $8321.

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