Bitcoin Price Correction Stalled at 50-Day SMA

Bitcoin price rebounds today from the 50-day moving average after yesterday’s sharp losses. The number one cryptocurrency breached yesterday the upward trendline which started since the March lows.

The Supreme Court of India declared the banking ban by the Reserve Bank of India (RBI) for crypto activities as unconstitutional. The decision is a result of a long legal battle, and it proved to be a huge win for India’s crypto community. Analysts believe that the government would not stop the booming cryptocurrency sector. Back in July 2019, a government panel prepared a draft proposing a total ban on the use of cryptocurrencies in India. The draft proposed a huge fine and imprisonment of up to 10 years for anyone dealing in crypto.

The mood is positive today in the cryptocurrencies market, Ripple (XRPUSD) is 2.39% higher at $0.1924, Litecoin (LTCUSD) is 3.52% higher at $44.62, Lumen (XLMUSD) is 2.63% higher $0.0730, while Ethereum (ETHUSD) is 2.53% higher at $235.97.

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Bitcoin Price Finds Support at 50-Day Moving Average

Bitcoin price is 1.42% higher at 9,398, attempting to recover some of yesterday’s heavy losses. The technical picture is bullish but a break below the 50 –day moving average might cancel the positive momentum.  

On the upside, first resistance for bitcoin will be met at 9,555 the daily high. The next resistance area stands at 9,963. If bitcoin moves higher, then the next target stands at 10,003 the high from June 10.

On the flip side, immediate support stands at 9,230 the daily low. A move below 9,230, might test yesterday’s low at 8,825. If the sellers continue the pressure, then the next target will be met at 8,649 the May 26 low. 

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