RATE Group | Here’s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term
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Here’s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term

29 Mar Here’s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term

Posted at 09:14h in Bitcoin News by

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Bitcoin failed to surpass the $7,000 resistance and declined below $6,500 against the US Dollar. BTC is likely to bounce back as long as it is above $6,000 and the 100 SMA (H4).

  • Bitcoin price is currently correcting gains from the $7,000 resistance area.
  • The $6,000 region and the 100 simple moving average (4-hours) are important supports.
  • There was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently consolidating losses above the $6,000 and $6,100 levels.

Bitcoin is Approaching Crucial Support

This past week, bitcoin struggled to gain strength above the $6,880 and $7,000 resistance levels against the US Dollar. BTC price topped near the $6,982 level and recently started a fresh decline.

There was a break below the main $6,500 support area to start a substantial decline. Moreover, there was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC/USD…

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