Bitcoin looking bullish, here is why
|Bitcoin price has finally broken an important psychological price level of 52K, and this means that traders are likely to feel more comfortable in placing bullish bets. For the last number of weeks, it was the 50K resistance which was very much keeping the Bitcoin price in check, and the crypto king was really struggling to move higher.
However, it seems that traders are now ready to push the price higher, and in the coming days we could easily see the price reaching the 55K price mark. Having said that, the important resistance level for the Bitcoin is the 60K, and if the price breaks this price point, we are likely to see some serious momentum coming into the market which may help the Bitcoin to post new record highs.
In terms of the price action, the 50-day SMA has crossed above the 100-day SMA and the cross over happened during the past few days. This is the first bullish sign for the Bitcoin price. Traders are now waiting for the 50-day SMA to cross above the 200-day SMA and when that takes place, it will be a further reconfirmation of bulls taking the control of the price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.