Bitcoin price analysis: BTC/USD bulls retreats, Bitcoin dips to 100-DMA
|- Bitcoin reverses early gains, moves towards critical support.
- The mid-term momentum remains positive as long as the price is above $8,400.
Bitcoin touched the highest level since March 13 during early Asian hours before he fortune turned away from cryptocurrency No.1. BTC/USD reversed early gains to trade at $9,450 amid general sell-off on the crypto markets.
The move seems to be purely technical, as the upside is capped by 200-DMA at $9,900 on approach to psychologically important $10,000. Obviously, bulls need to regain breath and find some new catalysts to push above this threshold, which means that a period of consolidation with mild downside bias may be in the waiting before the coin resumes the upside movement.
100-DMA that was broken on Tuesday now serves as a good local support area. Currently, it is registered at $9,160. The intraday picture is also supportive as long as the price stays above $9,160. A move below will expose $9,000 handle and pivotal $8,400.
Meanwhile, PayPal CEO Bill Harris joint the chorus of Bitcoin doomsayers, saying that it is nothing more than a scam on a massive scale, driven by speculations and greed. While he is considered to be an influential figure in the financial circles, cryptocurrency markets seem to get accustomed to gloomy predictions from mainstream experts.
BTC/USD, the daily chart
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.