Tanya Abrosimova
Independent Analyst
- BTC/USD has recovered from the recent low on approach to $6,700.
- Bulls may have trouble taking the price above $7,000.
BTC/USD resumed the upside trend after a short-lived retreat to $6,730 during early Asian hours. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction. A sustainable move above $7,000 will bring $7,300 back into focus and improve the technical picture. Bitcoin has gained nearly 2% since the beginning of the day and over 3% on a day-to-day basis.
BTC/USD: Technical picture
On the intraday charts, BTC/USD is moving along SMA50 30-min (currently at $6,800). This area creates the first line support that may slow down the correction. Considering that the RSI has reversed to the downside from the overbought territory, BTC/USD may retest the above-said barrier before another attempt at $7,000. If $6,800 is broken, SMA100 30-min at $6,600 will come into focus, followed by $6,500 that served as a strong resistance during the consolidation period at the beginning of the week. Currently, it is reinforced by SMA50 4-hour.
BTC/USD 30-min chart
-637215032012594650.png)
On the upside, once $7,000 is out of the way, the recovery will gain traction. The upside momentum may take the price towards $7,254 (Thursday's high) and $7,300. This resistance area is strengthened by an upper line of a triangle formation on a daily chart. The next resistance is created by SMA50 daily at $7,700 and psychological $8,000.
BTC/USD daily chart
-637215032278868779.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.