RATE Group | Bitcoin Restarts Uptrend But Hers’s Why 100 SMA Holds Key For Fresh Highs
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Bitcoin Restarts Uptrend But Hers’s Why 100 SMA Holds Key For Fresh Highs

23 Feb Bitcoin Restarts Uptrend But Hers’s Why 100 SMA Holds Key For Fresh Highs

Posted at 10:45h in Bitcoin News by

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Bitcoin found a strong support near $9,330 and started a fresh increase against the US Dollar. However, BTC must settle above the 100 SMA (4-hours) for a sustained upward move.

  • After trading to a new weekly low at $9,336, bitcoin price started a fresh increase above $9,500.
  • The price is now trading nicely above the $9,600 and $9,700 levels.
  • There is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must climb above the 100 simple moving average (4-hours) and $10,080 to continue higher.

Bitcoin is Still Facing Hurdles

This past week, bitcoin failed once again to gain momentum above $10,300 and $10,500 against the US Dollar. As a result, BTC price declined below the $10,000 support level and the 100 simple moving average (4-hours).

The decline was such that the price spiked below the $9,500 support level. It traded to a new weekly low at $9,336 and recently started a fresh upward move. The bulls managed…

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