Bitcoin ‘Potential Breakout’ at $7.2K but Watch VIX Volatility

Bitcoin (BTC) is flipping its 50-day moving average (MA) to support and eyeing $7,200 for a “potential breakout,” a new report has concluded.

Published on April 22, Delphi Digital’s latest market report concluded that signs were turning more bullish for BTC/USD. 

Dollar “refuses to collapse”

Having regained $7,000 on Wednesday, the pair managed to broadly preserve its position above the 50MA, which had previously acted as resistance.

Bitcoin 1-day price chart. Source: Coin360

“After a few weeks of consolidation, bitcoin appears to be eyeing a potential breakout around $7,200 and seems to be finding some support in its 50-day MA after breaching it at the end of last week,” the report reads.

Continuing, Delphi warned of a cocktail of negative influences for traditional markets, made worse by this week’s historic crash in oil prices.

“Oil’s price collapse only adds to mounting deflationary pressures as weak demand and evaporating cash flows go head-to-head with…