Bitcoin market update: Sustains the bullish trend with the focus on $6,000

Bitcoin sharply lost momentum on Tuesday dropping (SMA) and the 200 Exponential Moving Average (EMA).
The 15-minutes chart shows a weak momentum grinding closer to the 100 SMA hurdle.

John Isige FXStreet

Bitcoin has a bullish bias in the short-term. The price recently approached $6,000 but formed a high around $5,970 before retracting to test levels marginally below $5,700. Or a moment the price stayed above $5,800 and it seemed that we will see the largest asset by market capitalization consolidate the gains above this level. Unfortunately, the price sharply lost momentum dropping below the 100 Simple Moving Average (SMA) and the 200 Exponential Moving Average (EMA).

On finding support at $5,700, Bitcoin recovered above the 200EMA. The gains increased to levels past $5,800. The price trading at $5,834.32 upside is limited by the 100 SMA 15-minutes at $5,850.

A forming bullish flag pattern could have BTC/USD test $5,800 first before a correction towards $5,900 takes place. This is true only is the price fails to clear the resistance at $5,850 and exhausted bulls lose their grip. The 15-minutes chart shows a weak momentum grinding closer to the 100 SMA hurdle. Therefore, traders can expect a breakout to the upside in the coming session which means that Bitcoin could close the day above the supply zone $5,900 and the next resistant target at $5,950.

BTC/USD 1-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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