Bitcoin price reverses early losses and jumps over 7% as the rebound from March 2019 lows continues for the fourth day in a row. As the coordinated actions from central banks calm investors at least, for now, the bitcoin is the first asset that managed to rebound, adding over 70% from the recent lows. Investors must be careful amid the high volatility and risk aversion as the risk for a sharp pullback can’t be ruled out.
All major cryptocurrencies are mirroring bitcoin move. Ethereum (ETHUSD) is 7.50% higher at 147.00, Litecoin (LTCUSD) is 6.78% higher at $41.59 while Ripple (XRPUSD) is 3.15% higher at 0.1705.
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Bitcoin Price Levels to Watch
Bitcoin price is 7.10% higher at $6,620 as the positive momentum gains traction above 6,000. Bitcoin managed to break above the 38.2% retracement, while a close today above $6,500 will give bulls the upper hand for the short term. The technical outlook has improved the last trading sessions, but bears are still in control.
On the upside, the first hurdle for BTCUSD stands at $6,749 the daily high. More offers will be met at $7,204, the top 50% Fibonacci retracement. The next resistance for bitcoin stands at $7,955 the high from March 12th.
On the flip side, initial support for bitcoin will be met at $6059 the daily low. If bitcoin breaks below, the next support stands at $5,290 the low from yesterday’s trading session. Next support area stands at $4,936 the low from March 17th.
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