Bitcoin price chart analysis: Bulls need to overcome 50-day moving average

Bitcoin price chart analysis shows that bulls need to defend the $6,950 level to encourage another technical test of the $7,460 level. The BTC/USD pair’s 50-day moving average remains key.

0'>Bitcoin bulls came back in force last week, following a confirmed technical breakout above the $7,000 level.

Bitcoin price chart analysis shows that the number-one cryptocurrency needs to break above its 50-day moving average to encourage the next upside rally in the pioneer cryptocurrency buying.

Bitcoin medium-term price trend

Bitcoin finally staged a breakout above the $7,000 level last week as positive risk-sentiment increased buying demand for the cryptocurrency.

Increased retail participation and interest from the Bitcoin futures market also helped push the price of BTC/USD higher.

Bitcoin price chart technical analysis shows that bulls need to overcome the cryptocurrencies 50-day moving average to encourage further technical buying interest.

The BTC/USD pair repeatedly struggled to overcome its 50-day moving average, around the $7,460, and eventually slipped back under the $7,000 level.

The daily chart shows that a valid falling price channel breakout is underway while price trades above the $6,450 level.

Watch out for further medium-term gains towards the $8,000 level while the channel breakout remains valid.

What is your sentiment on BCH/USD?

109.50
Bullish
or
Bearish
Vote to see community's results!

Bitcoin short-term price trend

0'>Bitcoin price chart technical analysis shows that the cryptocurrency has a short-term bullish bias while the price trades above the $6,550 level.

Buyers broke above the cryptocurrencies 200-period moving average on the four-hour time frame for the first-time since late-February last week.

The lower time frames currently show that an ascending triangle pattern has formed. The neckline of the bullish pattern is located around the $6,950 level.

Failure to hold price above the $6,950 level may see the BTC/USD pair pressured technically, and may cause BTC/USD to trade in a lower price range between the $6,750 to $6,000 leveld.

Overall, Bitcoin bulls need to hold price above the $6,950 to force another technical test of the current monthly high, around the $7,460 level.

Bitcoin technical summary

Bitcoin price chart technical analysis indicates that bulls need to hold price above the pair’s 50-day moving average. A rally towards the $8,000 level could take place if the $7,460 level is overcome.

Bitcoin Cash to US Dollar
Daily change
109.3
Low: 108.2
High: 112.5
The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image