Bitcoin stability is given a blind eye by the investors who are still shaken by the crash caused by the Coronavirus pandemic last week. Recovery is needed above $6,000 to pave the way for more action leading towards $7,000 but BTC/USD is not technically ready. Spot rate: $5,394 Relative change: 58 Percentage change: 1.22% Volatility: Low Trend: Short term bearish bias BTC/USD 4-hour chart Bitcoin price is starting to range above $5,000 with an immediate upside limit of $5,500. The newfound stability follows recovery from Monday’s dip under $5,000. However, the bulls lack the energy to sustain gains above $5,500 let alone tackle the critical level at $6,000. In spite of the stability, investors appear to be shunning the market preferring to watch from the sidelines. The drop last week saw Bitcoin’s safe-haven ‘coat’ split into pieces. Moreover, the fear regarding the spread and impact of COVID-19 continues to keep more investors off both the digital and traditional markets. Technically, Bitcoin price ranging action is likely to take precedence in the coming sessions. The RSI is currently horizontal at 50 (indicator’s average). To pave the way for significant price movement north, BTC/USD has to overcome the selling pressure at the 50 SMA ($6,000). $7,000 remains to be a psychological but a critical level too; while the 100 SMA is holding ground at $7,398 (resistance zone). 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 Japan’s Aso: What kind of stimulus package is needed depends on how long it takes for coronavirus to be contained FX Street 2 years Bitcoin stability is given a blind eye by the investors who are still shaken by the crash caused by the Coronavirus pandemic last week. Recovery is needed above $6,000 to pave the way for more action leading towards $7,000 but BTC/USD is not technically ready. Spot rate: $5,394 Relative change: 58 Percentage change: 1.22% Volatility: Low Trend: Short term bearish bias BTC/USD 4-hour chart Bitcoin price is starting to range above $5,000 with an immediate upside limit of $5,500. The newfound stability follows recovery from Monday’s dip under $5,000. However, the bulls lack the energy to sustain gains above $5,500… 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.
