Bitcoin price has been steady in its recovery in the recent days following a key breakout into the $7,000 range last week. The just concluded weekend session was relatively bullish. However, the market remained stable until another brief rally during the Asian session on Monday. BTC/USD has tested the resistance at $7,800 and achieved an intraday high at $7,805. Meanwhile, there has been an adjustment from the intraday high to the current market value of $7,760.
Consequently, Bitcoin price is trading within an ascending channel started following the dip to $3,800 in March. The price is also exchanging hands above the 50-day SMA; a key bullish indicator, setting the framework for further gains above past $8,000.
BTC/USD daily chart
From a technical perspective, Bitcoin is poised for more bullish action in the current session and as well as the coming sessions on Monday. The RSI, for instance, is moving north after rising from the fall to 16 on March 12. As the gradual upward slope moves closer to the overbought region, more and more buyers continue to join the market to take advantage of the up-trending market.
The best confirmation for a pre-halving rally will be the spike above $8,000. Moreover, as investors take positions in readiness for an anticipated post-halving rally, Bitcoin is expected to launch into a trajectory to $9,000. In the case of a reversal from the current levels, Bitcoin is could seek support at the 50% Fibo taken between the last swing high of $10,540 to a swing low of 3,856. Other support areas include $7,000, $6,800 the 38.2% Fibo and $6,000.
Bitcoin Intraday Key Levels
Spot rate: $7,751
Relative change: 37
Percentage change: 0.48%
Trend: Bearish
Volatility: Expanding
