• Bitcoin consolidates Tuesday’s gains.
  • Technical picture implies that the recovery is not over. 

BTC/USD is changing hands at $5,570, recovering from the intraday low reached at $5,485. The first digital coin has gained over 3% from this time on Tuesday and stayed marginally higher when compared to the levels registered at the beginning of Wednesday trading session.  

Meanwhile, Tuesday’s strong recovery improved the technical picture and the sentiments on the market. According to  Mati Greenspan, eToro’s prominent cryptocurrency expert, the Golden Cross on a daily chart signals that the bull’s trend is gaining traction. 

“Ladies & Gents... The Golden Cross! Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue).  This is yet another sign that we’re back in a market.” he noted in his Twitter account.

Bitcoin’s short-term technical picture 

On the intraday level, the picture is no less inspiring as the coin continues moving within the upside channel with the next focus on $5,738 (the upper border of the channel).  

The initial support lies with $5,350 as this consolidation area limited the upside momentum for a long time. Now it transformed from a stiff resistance into a strong support.  

Once it is cleared, the sell-off may be extended towards $5.280 (SMA50, 4-hour) and $5,220 (SMA100, 4-hour). The critical support is created by the lower boundary of the said channel at $5,140. 

BTC/USD, 4-hour 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. 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast