TRENDING:
US CPI
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

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
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

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

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Crypto's future lies in tokenized real-world assets, not speculation

Crypto's future lies in tokenized real-world assets, not speculation

Atlas Capital CEO Reza Bandi stated that the crypto industry's next major growth phase will be driven by the tokenization of real-world assets rather than speculative trading. In an interview with FXStreet, Bandi identified three factors supporting the expansion of tokenization.

Top 3 Price Prediction: BTC remains vulnerable, ETH weakens further, XRP signals more downside

Top 3 Price Prediction: BTC remains vulnerable, ETH weakens further, XRP signals more downside

Bitcoin, Ethereum, and Ripple remain under pressure mid-week, as the broader cryptocurrency market struggles to regain recovery momentum. BTC struggles below $62,000, ETH continues to weaken below $1,650, while XRP’s momentum indicators remain biased toward further downside.

Crypto Overview: Bitcoin is back under $62,000 – Hyperliquid, DeXe lead losses

Crypto Overview: Bitcoin is back under $62,000 – Hyperliquid, DeXe lead losses

The broader cryptocurrency market is under pressure with Bitcoin slipping below $62,000 amid the US launching its third wave of strikes on Iran. Hyperliquid and DeXe are leading losses over the last 24 hours, risking the prevailing upward trend.

Bitcoin sell-off pushes over 50% of circulating supply into loss, hinting at market bottom

Bitcoin sell-off pushes over 50% of circulating supply into loss, hinting at market bottom

Bitcoin (BTC) dropped near $61,000 on Tuesday, with the latest sell-off pushing long-term market indicators toward levels historically associated with bear-market bottoms, according to a report by K33 Research.
Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.