Bitcoin price analysis: BTC/USD stays below $7,700, short-term momentum waning
|- Bitcoin is rangebound after weekend growth.
- Crypto market has a potential as only 8% are involved in crypto trading.
Bitcoin is trading a $7,650, off the intraday high registered at $7,755. The most popular digital coin managed to break above critical $7,500 on weekend, creating positive momentum on cryptocurrency market. The coin is mostly unchanged since the start of the day, consolidating the gains of the previous days.
From the longer-term perspective, Bitcoin has an upside potential as over 92% of the population has not invested in cryptocurrencies yet, Finder's research shows. About 10% of them thinking about getting engaged once the market starts growing again and the bubble burst is clearly avoided. Others believe that it is too complicated to get involved or waiting for waiting for the market to become more secure and mainstream.
Bitcoin's technical picture
Bitcoin has been trading within a rising channel in recent days, getting ready for another bullish breakthrough. The price stays above all hourly moving averages, with both 50 and 100-SMAs above 200-SMA, which confirms the upside momentum. The local support is created by the upside trendline at $7,570, strengthened by 100-SMA. If it is broken, the sell-off may be extended towards $7,448 (200-SMA). On the upside, a sustainable movement above $7,830-50 will ensure further recovery towards $8,000.
BTC/USD, the hourly chart
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