Breaking: Bitcon spikes above $7,000 amid massive recovery on the cryptocurrency market


Breaking: Bitcon spikes above $7,000 amid massive recovery on the cryptocurrency market

Bitcoin jumped above $7,000 and hit the intraday high at $7,145. At the time of writing, BTC/USD is changing hands at $7,046 amid strong bearish momentum and expanding volatility

On a daily chart, BTC/USD jumped above SMA50. If the move is sustained, the recovery may gain traction with the next focus on $7,500. This area stopped the upside during the previous week. 

Meanwhile, the RSI on the intraday charts entered an overbought territory and started reversing to the downside, which means, the price may retreat from the current levels with the initial support created by $7,000. If it is broken, the correction will be extended towards 1-hour SMA200 at $6,960 and -1-hour SMA100 at $6,850.

BTC/USD 1-hour chart

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