Bitcoin Price Pare Gains Bulls In Control Above $8,500

BTCUSD - Bitcoin Price USD
BTCUSD - Bitcoin

Bitcoin price continues higher but off the daily highs as the buying interest jumped after yesterday the number one cryptocurrency pierced above the 100 and 200-day moving average. Bitcoin now is 148% higher since the March lows at $3,818 and has returned to pro-coronavirus crisis levels but still below the yearly highs.

Many analysts believe that the upcoming third halving event which will occur on May 11, will provide a strong rally before the halvening event. The question that needs to be answered is how much of the halving event has already been discounted in the price at current levels above $9,000.

There is some profit-taking today in other major cryptocurrencies after yesterday’s rally. Ethereum (ETHUSD) is 0.591 lower at $213.87. Litecoin (LTCUSD) is 3.07% lower at $47.27. Ripple (XRPUSD) is 4.34% lower at $0.2165.

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Bitcoin Price Analysis

Bitcoin price is 0.75% higher at $8,854 having hit earlier today fresh two month highs. Now the technical outlook is bullish and higher levels might be on the card, while a close today above the 9,000 mark will enhance the positive momentum. Long positions are comfortably sitting above the 100-day moving average at 7,981, but needs to keep an eye at RSI as after yesterday’s rally has reached overbought level.

On the upside, minor resistance stands at $9,485 the daily top. The next important resistance for bitcoin will be met at $9,660 the high from February 25. In case of a break higher, then the bulls will be looking for an extension above 10,014 the high from February 24.

On the other hand, immediate support for BTCUSD stands at 8,656 the daily low. The next level to watch in case of further pressure is the 100-day moving average at 7,980. Bears will regain control below the 100-day moving average targeting the low from yesterday’s session 7,713.

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