Bitcoin Bulls Defend $7,450 But Need Progress Soon

Having defended the key support of $7,455, bitcoin bulls now need a quick move higher in order to neutralize the threat of a short-term bearish reversal.

As of writing, the cryptocurrency is trading at $7,560 on Bitfinex – down 11 percent from the recent high of $8,507, as per Bitfinex data, but is still up more than 30 percent compared to the June 24 low of $5,755.

So, it is safe to say the bullish trend is still intact. Further, BTC’s solid defense of $7,455 (38.2 percent Fibonacci retracement of the rally from the June low) seen in the last 28 hours has raised hopes of a minor corrective rally.

However, the bulls have little margin for error, i.e. the upside needs to gather traction soon as the short-duration technical studies have already adopted a bearish bias, as seen in the chart below.

Daily chart

The bearish crossover between the 5-day and 10-day moving average (MA) indicates a short-term bearish setup. The relative strength index (RSI) has breached the key…