- Summary:
- BTC to GBP continues the consolidation around the 50-day moving average as the crypto pair correction from yearly highs stalled at 7,400 mark.
BTC to GBP continues the consolidation around the 50-day moving average as the crypto pair correction from yearly highs stalled at 7,400 mark. BTCGBP run an impressive rebound from the March lows with gains over 130%.
BTC to GBP was one of the assets that hit yearly highs after the coronavirus crisis as the British pound took a severe hit during the lockdown.
Investors await tomorrow the Bank of England decision, with expectations looking for an increase of the asset purchase programme by 100 billion while the interest rates would be unchanged.
Bitcoin acceptance continues to grow as the number of ATM’s worldwide has passed 8,000 in 73 countries allowing the users to sell and buy bitcoin for cash, the most of the machines are located in the USA.
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BTC To GBP Technical Analysis
BTC to GBP trades 0.02% lower at 7,574 as price finds support around the 50-day moving average. The BTCGBP is in consolidation phase the last seven trading sessions. The technical outlook is bullish as BTCGBP trades above all major daily moving averages. A break below the 50-day SMA would cancel the positive momentum at least for the short term.
On the downside, first support stands at 7,518 the daily lows. Next support will be met at 7,380 the low from June 12. If BTCGBP breaks higher, then the next support level stands at 7,202 the low from June 11.
On the other hand, initial resistance for BTCGBP will be met at 7,592 the daily top. A break higher might test the next hurdle at 7,835 the high from June 11. The next supply zone is at 8,200 the high from June 2.