Bitcoin price analysis: BTC/USD recovery, kept at bay by 200DMA

  • Bitcoin up as much 15% late on Wednesday
  • Market relief continues to allow bull presence
  • Bitcoin price resistance seen at 200DMA

 

Bitcoin is seen trading up over 15% in late trading on Wednesday, gaining over $2000 in two days, bouncing from the lows. The change in sentiment, was some thanks to the SEC not unleashing doom on the crypto markets during its commentary at the hearing to the Senate Banking Committee.

BTC/USD is up around 45% from the lows produced on Tuesday, seen around $6000, where strong resistance remains. The price is still around 150% away from the record highs, printed in December over $19,000.

The Bitcoin price on a daily chart is currently trading at the 200DMA, where it is currently encountering some resistance. Next upside target seen around $9500, strong support remains at the $6000 level as recently demonstrated.

BTC/USD daily chart

 

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