BTC/USD has jumped above $7,000 as the recovery momentum gains traction. The next resistance awaits BTC on approach to $7,500. Bitcoin bottomed at $6,526 during early Asian hours. A thick layer of stop orders forced the bears to slow down their assault and allowed for an extended recovery towards $7,000. Once this critical barrier gave in, the upside accelerated and took BTC/USD to $7,252. Bitcoin’s technical picture Looking technically, BTC/USD bumped into SMA100 (Simple Moving Average) 1-hour and retreated to $7,180 by press time. Once it is out of the way, the upside is likely to gain traction with the next focus on $7,350. This resistance limited Bitcoin’s recovery during the weekend. We will need to see a sustainable move above this handle for the upside to gain traction towards $7,640 (SMA200 1-hour). On the downside, the initial support is created by SMA50 1-hour located on the approach to psychological $7,000. If it is broken, bears might get a chance to take the led again. The next support awaits us at $6,240 (the middle line of 1-hour Bollinger Band), while the pivotal barrier is $6,500. It is reinforced by the intraday low and the lower line of 1-hour Bollinger Band. BTC/USD, 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Thailand financial regulator set to adjust crypto laws to be more competitive FX Street 3 years BTC/USD has jumped above $7,000 as the recovery momentum gains traction. The next resistance awaits BTC on approach to $7,500. Bitcoin bottomed at $6,526 during early Asian hours. A thick layer of stop orders forced the bears to slow down their assault and allowed for an extended recovery towards $7,000. Once this critical barrier gave in, the upside accelerated and took BTC/USD to $7,252. Bitcoin's technical picture Looking technically, BTC/USD bumped into SMA100 (Simple Moving Average) 1-hour and retreated to $7,180 by press time. Once it is out of the way, the upside is likely to gain traction with the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
