Bitcoin (BTC) price analysis: BTC/USD intimidated by $5,300
- BTC/USD has been under bearish pressure in recent 24 hours.
- The price recovery is capped by $5,300
- Strong support lies with $5,100.
Bitcoin (BTC) managed to recover from the Sunday’s low $5,214 however, the upside potential is slow. The recovery of the first digital coin is still limited by $5,300 handle, as the weekend attempts to settle above this handle bore no results.
At the time of writing, BTC/USD is changing hands at $5,270, down 1.14% in recent 24 hours and unchanged since the beginning of Monday. Bitcoin market dominance is registered at 52.77%, mostly in line with the recent figures.
Looking technically, BTC/USD is supported by psychological $5,200 underpinned by SMA200 (1-hour) and SMA50 (4-hour). This area is likely to stop the sell-of, however, once it is cleared, the downside movement will gain momentum with the next focus on $5,100. The lower boundary of the recent upside channel located marginally above this level creates a strong support and a good jumping-off ground for BTC.
On the upside, the immediate recovery is limited by $,5,280-5,300. This resistance area is created by a confluence of SMA100 (1-hour), DMA5, and the middle line of 4-hour Bollinger Band. A sustainable move higher is needed to create an environment for further growth. The next target is $5,360 (the highest level of the previous week, strengthened by 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.
Author
Tanya Abrosimova
Independent Analyst
