Bitcoin price trade in unusual narrow trading the last five trading sessions as investors looking for direction after the rebound from recent lows. BTCUSD rejected at the 50-day moving average, but sellers failed to take advantage and started a consolidation phase as the stock markets also stalled at recent highs.
Crypto traders await the bitcoin halving which might be favourable for BTCUSD as the supply rate will cut to half offering a bullish signal in the basic supply-demand economics.
BTCUSD is 0.23% lower at $6869, with capitalization now at $125.23 billion. ETHUSD is 0.68% higher $159.69 while LTCUSD is 0.29% higher at $41.34.
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Bitcoin Price Analysis
Bitcoin price is preparing for a big move when this tiny consolidation phase comes to an end. The technical picture is bearish for bitcoin as the recent upward move rejected at the 50-day moving average. Lower levels might be on the cards as BTCUSD continues to trade below all major daily moving averages.
On the upside, the immediate resistance stands at $6,859 the daily top. The second critical hurdle will be met at $7,044, the 50-day moving average. In case of a bullish move, BTCUSD might test the high from April 10 at 7,287.
On the flip side, first support for bitcoin stands at $6,815 the daily low. If the bitcoin price breaks below that level, the next support stands at $6,556 the low April 13. Below 6,556, the next offer zone stands at 6,113 the low from April 1.
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