Bitcoin price analysis: BTC/USD bulls retreats, Bitcoin dips to 100-DMA
- Bitcoin reverses early gains, moves towards critical support.
- The mid-term momentum remains positive as long as the price is above $8,400.
Bitcoin touched the highest level since March 13 during early Asian hours before he fortune turned away from cryptocurrency No.1. BTC/USD reversed early gains to trade at $9,450 amid general sell-off on the crypto markets.
The move seems to be purely technical, as the upside is capped by 200-DMA at $9,900 on approach to psychologically important $10,000. Obviously, bulls need to regain breath and find some new catalysts to push above this threshold, which means that a period of consolidation with mild downside bias may be in the waiting before the coin resumes the upside movement.
100-DMA that was broken on Tuesday now serves as a good local support area. Currently, it is registered at $9,160. The intraday picture is also supportive as long as the price stays above $9,160. A move below will expose $9,000 handle and pivotal $8,400.
Meanwhile, PayPal CEO Bill Harris joint the chorus of Bitcoin doomsayers, saying that it is nothing more than a scam on a massive scale, driven by speculations and greed. While he is considered to be an influential figure in the financial circles, cryptocurrency markets seem to get accustomed to gloomy predictions from mainstream experts.
BTC/USD, the daily chart
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Author
Tanya Abrosimova
Independent Analyst
