Bitcoin faces key hurdles
Investing.com – The has rebounded sharply since mid-March, with the cryptocurrency posting a gain of more than 28% from a low of $37,570 on March 14 to a high of $48,160 on March 28.
However, since this new annual high, the price has been hovering in a narrow range, facing several major resistances, and a prolonged inability to extend its gains could lead to a more or less wide correction.
It should be noted that the rise of Bitcoin was stopped dead by the 200-day moving average, which is currently at $48,320. Additionally, shortly above this first hurdle is another key resistance, with the major psychological threshold at $50,000, ahead of chart resistance at $52,000.
On the other hand, on the downside, there is no credible support on the daily chart before the $45,000 zone, a threshold which from a tactical point of view, and on a strictly technical basis, could constitute a good entry point for those who have not yet taken advantage of the rally of recent weeks.
Finally, with regard to the latest important news concerning Bitcoin, it will be recalled that MicroStrategy, the data analysis company run by billionaire Michael Saylor, announced on Tuesday that one of its subsidiaries had taken out a loan of 205 million dollars to buy more bitcoins and that she was using cryptocurrency as collateral.
This information, however, had little impact on the price of Bitcoin. Finally, note that the February US job creation, expected tomorrow at 2:30 p.m., will be the next key event for Bitcoin.
Indeed, strong figures would increase the chances of seeing the Fed raise its rates by 0.50% at its next meeting, which would be positive for the Dollar, but negative for Bitcoin.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.