Bitcoin came close to the next important resistance created by SMA50 daily. The coin needs to stay above $7,000 to retain bullish bias. BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility. BTC/USD has gained nearly 5% since this time on Monday as the cryptocurrency market is on the recovery path. BTC/USD: Technical picture On the intraday charts, BTC/USD has settled well above a critical barrier created by a psychological $7,000. This line, reinforced by SMA50 1-hour, now serves as a strong support that is likely to stop the short-term downside correction and trigger a new buying wave. However, if it is broken, the sell-off is likely to gain traction with the next focus on $6,900 (SMA100 1-hour) and $6,670 (SMA200 1-hour). BTC/USD 1-hour chart On the upside, the initial resistance is created by SMA50 daily located on the approach to $7,500. A sustainable move above this barrier is needed for the recovery will gain traction. The upside momentum may take the price towards psychological $8,000 followed by SMA100 daily at $8,150 BTC/USD daily 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 WTI probes $30.00 following latest recovery moves, eyes on API FX Street 2 years Bitcoin came close to the next important resistance created by SMA50 daily. The coin needs to stay above $7,000 to retain bullish bias. BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility. BTC/USD has gained nearly 5% since this time on Monday as the cryptocurrency market is on the recovery path. BTC/USD: Technical picture On the intraday charts, BTC/USD has settled well above a critical barrier created by a psychological $7,000. This line, reinforced by SMA50 1-hour, now serves… 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.
