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Can Bitcoin – BTCUSD Clear the $7,500 Resistance?

bitcoin BTCUSD

Bitcoin – BTCUSD continues higher for the fourth trading session in a row adding 2.37% at $7,528. Bitcoin rebound from the December lows at 6,428 while today the crypto pair enhanced the positive bias as it trades above the 50-day moving average.

The bitcoin market capitalisation stands at 137.23 billion. Trading volumes in the last 24 hours has reached 20.08 billion just above the average trading volumes. The market cap of the 100 major cryptocurrencies is 202.24 billion.

Ethereum (ETHUSD) also trades 3.76% higher at $140.01, while LTCUSD trades 3.60% higher at $44.84.

Read our Best Trading Ideas for 2020.

Bulls Return in Bitcoin – BTCUSD

Bitcoin – BTCUSD is trading above the 50-day moving average for the first time since November 17th. BTCUSD has built a strong support zone at $6,850 and crypto investors focus has shifted now to higher levels.

Looking north, initial resistance stands at $7,580 the daily high. If bitcoin manages to break above then the next target to the upside is the 100-day moving average at 7,945. Above that level bulls will be in the driver’s seat and the high from November 15th at 8,800 is the next supply zone.

On the downside, immediate support for BTC stands at $7,327 – $7,340 zone the daily low and the 50-day moving average. In case bitcoin breaks below, then the downtrend might accelerate targeting the strong support at  $7,000.

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