• 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. 

BTC/USD, 1H chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BTC/USD rejected at $11,000: the 61.8% Fib level holding ground

Bitcoin continued with the uptrend as discussed yesterday after breaking above the hurdle at $10,800. A break occurred above $11,000 later forming a high around $11,097 (Fib swing high). Unfortunately, dwindling selling pressure led to a retreat from the levels above $11,000.

More Bitcoin News

Ripple price analysis: XRP/USD bulls stop short of $0.32, the sell-off resumed

Ripple's XRP slipped below $0.31 handle, but further upside looks limited. The third largest digital asset with the current market capitalization of $13.4 billion, has gained 1.2% in recent 24 hours; however, it is still down over 20% on a week-on-week basis.  

More Ripple News

Ethereum price analysis: ETH/USD recovery blocked by $230 handle

Ethereum, the second largest cryptocurrency with the current market capitalization of $24.4 billion, has recovered about 3% of its value in recent 24 hours to trade at $227.50 by the time of writing.

More Ethereum News

Litecoin price analysis: LTC/USD still range-bound

Litecoin is dancing in the red just like the other major cryptocurrencies. Having opened the session on Tuesday at $90.40, the digital asset’s value ascended to highs at $91.79 before retracing to the current market value of $89.80.

More Litecoin News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP