Bitcoin price attempts to build on positive momentum and managed to break above the 200-day moving average and above the $9,000 psychological mark. Bitcoin and the other major cryptoccurencies rallied yesterday as risk-off sentiment prevailed in stock markets. Bitcoin managed to rebound from almost two month lows this week supported by an emergency interest rate cut by the Fed. Crypto investors are cautious and wait for the bitcoin to hold above the $9,000 mark which will give bulls the upper hand.
Ethereum is the outperformer in the crypto space today, adding 2.55% at $234.59. Ripple XRPUSD is 0.77% higher at $0.2415 while Litecoin is 0.68% lower at $62.54. BTCUSD is 26.90% higher in 2020, while it is 6.52% lower in the month.
Read our Best Trading Ideas for 2020.
Bitcoin price is 0.50% higher at $9112 as the technical outlook has turned bullish now above the 200-day moving average. The critical point is the 9000 mark, a break below might initiate another leg lower, while if the bitcoin manages to hold above an attempt to higher levels looks possible.
Resistance for BTCUSD seen at $9149 the daily top. More offers will be met at $9305 the 50-day moving average. The next hurdle for the buyers stands at $9670 the high from February 25th.
On the other side, initial support for bitcoin will be met at $8990 the daily low. If the BTCUSD price breaks below, the next support stands at $8703 the 200-day moving average. If the bearish momentum prevails the next support stands at $8471 the low from March 2nd.