Bitcoin (BTC) price analysis: BTC/USD clinches to $5,000, bulls do not give up
- BTC/USD has been under bearish pressure in recent 24 hours.
- The price returned to the area above $5,000
- The short-term growth is limited.
Bitcoin (BTC) managed to recover from the Asian low $4,912 to trade marginally above $5,000. The first digital coin has lost 3.8% of its value in recent 24 hours amid global sell-off on the cryptocurrency markets. However, the fact that the price managed to return above $5,000 may be interpreted as a positive signal, though the market still lacks the upside momentum.
Looking technically, BTC/USD is moving within the short-term upside trend as long as the price stays above $4,850 (38.2% Fibo retracement for the upside move from March 26 low at $3,858). If this barrier is cleared, the sell-off may be extended towards $4,660 (50% Fibo retracement) and $4,550 (DMA200).
On the upside, the immediate recovery is limited by $,5080-$5,110. This resistance area is created by a confluence of 23.6% Fibo retracement for the above said movement and SMA200 (1-hour). A sustainable move higher is needed to mitigate the immediate bearish pressure and create an environment for further growth. The next target is $5,200 with SMA100 (1-hour) located marginally below this handle).
The ultimate short-term resistance lies with $5,350 (strengthened by a double high of April 3 and April 8). Once it is cleared, the upside momentum will gain traction with the next aim at $5,500.
BTC/USD, 1H chart
Author
Tanya Abrosimova
Independent Analyst
