Tanya Abrosimova
Independent Analyst
- BTC/USD has been rangebound in recent in recent 24 hours.
- The upside trend remains intact.
- The long-term growth is supported by strong fundamentals.
Bitcoin (BTC) has settled in a tight range above $5,200. The first digital coin slipped to $5,164 low during early Asian hours, however, fresh buying interest helped to push it back in the range. While the cryptocurrency market volatility has subsided, many experts believe that we are on the verge of a new bull’s market, supported by strong long-term fundamentals.
According to Dave Balter, chief executive of Flipside Crypto, cryptocurrency-related projects continue to develop at a good pace to offer businesses and customers real use cases.
“Prices may be rising, but it’s hardly the whole story. Maybe more significant, the fundamentals of crypto projects — their customer acquisition and retention, their product developer capabilities — have been on the rise through all of 2018 and continue to grow at a significant enough pace to determine these are real businesses with real outcomes ahead of them,” he commented
Bitcoin’s technical picture
On the intraday charts, the local support is created by a combination of SMA100 and a short-term upside trendline at $5,150. A sustainable move lower will open up the way to psychological $5,000 strengthened by SMA200 (-1hour).
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).
BTC/USD, 1H chart.
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