Bitcoin (BTC) overview: BTC/USD bulls intimidated by $5,350
|- BTC/USD has been rangebound in recent in recent 24 hours.
- Further upside is limited as long as $5,350 remains unbroken.
Bitcoin (BTC) has stuck in the area below $5,300. The first digital coin tried to break above $5,350 barrier twice in recent seven days, but the resistance seems to be a too hard nut to crack for the bulls so far. Meanwhile, this area si considered critical for the coin’s further growth.
“All eyes on Bitcoin and the new resistance level of $5,350. A break of this would likely serve as confirmation that we’re pushing higher and lead to further buying pressure,” Mati Greenspan from eToro commented in his twitter account.
Bitcoin’s technical picture
On the intraday charts, the local support is created by SMA50, 1-hour at $5,100. Once this barrier is out of the way, the sell-off is likely to continue towards psychological $5,000 strengthened by the short-term trendline, and $4,900 with SMA200 located just below this handle. Meanwhile, the critical support is created by an upside short-term trendline currently at $4,970.
On the upside, the recovery is limited by $5,300, while the ultimate short-term resistance lies with $5,350 (strengthened by double high of April 3 and April 8).
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