Bitcoin Price Retreat As Bulls Run Out Of Steam At The 50-Day SMA

Bitcoin price BTCUSD
Bitcoin – BTCUSD

Bitcoin price retreat for the second consecutive trading session but managed to rebound from daily lows amid an improvement in equities markets. Bitcoin price mirrors the move in stock markets the last weeks and the price of bitcoin moves on the risk-on – risk-off sentiment. Bitcoin price rejected at the 50-day moving average several times the last days, and bears might attempt a break below the 9,000 mark.

Bank of England governor Andrew Bailey said while talking to a webinar that BOE is looking into creating a government-backed digital currency (CBDC). The central bank is investigating a central bank digital currency which would have major implications across the payments system and society. Bailey said that the CBDC could be a real possibility in a few years.

Cryptocurrencies are trading mixed today. Ripple (XRPUSD) is 0.24% higher at $0.1990. Ethereum (ETHUSD) is 0.44% higher at $240.63, Litecoin (LTCUSD) is 0.11% lower at $43.85, Lumen (XLMUSD) is 0.82% higher at $0.09103.

Bitcoin Price Technical Analysis 

Bitcoin price is 0.12% lower at $9,221, as the recent positive momentum for bitcoin cancelled at the 50-day moving average, where it rejected several times the last trading sessions. The technical picture has deteriorated the last days after the failure to break above the 9,400 mark. If the bitcoin price failed to break soon above the 50-day moving average might see a correction down to 8,800 the 100-day moving average. 

On the upside, the initial resistance for Bitcoin will be met at $9,242 the daily top. The next obstacle for Bitcoin stands at $9,395 the 50-day moving average. If Bitcoin price breaks higher, then the next target stands at $9,650 the high from June 24th.

On the other side, the immediate support for bitcoin stands at $9,095 the daily low. A break below $9,095 would test the 9,000 psychological support. If the bears continue the selling pressure, then the next target will be met at $8,833 the 100-day moving average.  

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Bitcoin Price Daily Chart

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