Bitcoin price stalled at $7,480 the 50-day moving average as the rebound from March lows accelerates above the 7,000 mark. Bitcoin gained over 90% since the March 13 lows after the global sell-off. Bitcoin managed to break above two crucial resistance levels the $6,500 and $7,000, and now the bulls are in control for the short term.
Many analysts believe, the Bitcoin’s much-expected halving event in May, an event that occurs every four years, where the bitcoin network undergoes a 50% reduction in its mining rewards, has been supporting bullish momentum around the bitcoin.
Bitcoin is 0.85% lower at $7,290 as the rally from the recent lows is alive making fresh monthly highs. BTCUSD stalled in early Asian session at the 50-day moving average as traders taking some of the recent profits off the table. The short term momentum is positive, but bitcoin needs to break soon above $7,480 the 50-day moving average; otherwise, we might see a sharp correction.
On the downside, first support for Bitcoin will be met at $7,235 the daily low. If Bitcoin breaks below, the next support stands at $6,739 the low from yesterday’s session. Next support area stands at $6,120 the low from April 1.
On the other side, the first resistance for Bitcoin stands at $7,464 the daily top. More offers will be met at $8,148, the 100-day moving average. The next hurdle for bitcoin stands at $8,864 the March 8 highs.