Bitcoin Price Trading in a Tight Range After 100 WMA Break

Bitcoin price is consolidating at the horizontal support of $7450 after the price action broke below the 100 WMA on Wednesday. A close below 100 WMA on a weekly basis will likely result in the increased bearish pressure in the following weeks.

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Amid the recent cryptocurrency market turmoil, connected to troubled Libra project, Galaxy Digital Asset Management announced plans to launch two bitcoin funds in November. A division of the merchant bank Galaxy Digital, the bank is offering the funds to give accredited investors low-fee, institutionally managed bitcoin exposure. This news may provide a bit of fresh air to the embattled cryptocurrency market.

Looking at technical levels, Bitcoin is currently sitting at the horizontal support, which played an important role in the past, around the $7450 mark. On the upside, the recently broken 100 WMA is expected to act as a resistance now. On the downside, the key 61.8% Fibonacci retracement of December 2018 low to June 2019 high is located at $7240.

For more on Bitcoin breaking support, see here – Bitcoin Price Breaks Support on Libra Headlines

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BTCUSD hourly chart

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