- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
BTC/USD bulls fight for every inch of the ground on their way to $10,000
After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage.
XRP/USD drops below $0.2000 after a failure at $0.2030
XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.
ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?
Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.
EOS/USD slumps below 4-hour SMA200, focus on $2.54
EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62
Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000
After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.