Bitcoin Price Retreat But Keeps the Positive Bias Above the 50-Day SMA

Bitcoin price managed to return above the 50-day moving average after the sharp gains yesterday enhancing the bullish momentum. Now Bitcoin needs to break above the rising trend line that stared since the March lows and will add extra buying pressure to the number one cryptocurrency.

Bitcoin price helped by rumours that PayPal is planning to integrate cryptocurrencies and let it’s users to sell and buy digital currencies such as BTC on the platform. The rumours point that the service would become available in the next months. Paypal has declined to confirm the rumours, and in my opinion, it looks challenging for PayPal to enter the cryptocurrency space at least any time soon.

The mood is slightly negative today in the cryptocurrencies world, Ethereum (ETHUSD) is 0.24% lower at $242.74, Litecoin (LTCUSD) is 0.70% lower at $43.95, Lumen (XLMUSD) is 2.40% lower $0.07017, while Ripple (XRPUSD) is 0.38% lower at $0.1887

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Bitcoin Price Positive Momentum Above $9,432

Bitcoin price is 0.86% lower at $9,598, giving up some of yesterday’s gains but keeps the positive momentum above the 50-day moving average. The technical outlook is bullish, and an attempt to $10,000 mark looks possible as long as the price stays above the 50-day SMA.  

On the downside, first support stands at $9,571 the daily low. A break below $9,571, might test the 50-day moving average at $9,432. If the bears continue the pressure, then the next target will be met at 49,252 the low from June 22.  

On the other side, initial resistance for Bitcoin will be met at $9,725 the daily top. The next hurdle stands at $9,982 the high June 11. If BTCUSD moves higher, then the next target stands at $10,003 the high from June 10.

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