Bitcoin price managed to break above the 200-day moving average yesterday helped by an emergency interest rate cut by the Fed. The Federal Reserve cut the interest rates by 50 basis points to 1% -1.25 % to help the economy amid the coronavirus outbreak. BTSUSD is trading higher today haveng tested earlier the 200-day moving average from where rebounded successfully.
The interest rate cut in the USD is bitcoin positive and a move higher is possible now. Bitcoin price has lost over 16% in the previous week amid the turbulence in the markets
Most of the major cryptocurrencies also trade higher today. Ripple XRPUSD is 0.80% higher at 0.2359 while Ethereum is 0.97% higher at 225.63. On the other hand Litecoin is 0.59% lower at 60.64.
Read our Best Trading Ideas for 2020.
Bitcoin Price Resistance and Support
Bitcoin price is 0.77% higher at $8817 as the technical outlook improves now above thhhe 200-day moooving average. In a critical session today if the bitcoin price manages to close above, then bulls would have the upper hand and an attempt to $9000 mark would be possible.
As traders looking to higher levels now, the initial resistance for BTCUSD stands at $8850 the daily top. More offers will be met at $8988 the high from March 2nd. The next hurdle for the bulls stands at $9293 the 50-day moving average.
On the flip side, first support for BTCUSD will be met at $8722 the daily low and the 200-day moving average. If the bitcoin price breaks below, the next support stands at $8647 the low from March 3rd trading session. The critical support will be met at the 100-day moving average at $8359.
Don’t miss a beat! Follow us on Telegram and Twitter.
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.