- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?