Bitcoin Price Gain Momentum And Exits Oversold Area

Bitcoin price trades higher for the third day in a row as the crypto pair formed a strong base around the 5,000 mark. Coronavirus crisis has also affected bitcoin as investors pulling away their money from risky assets and looking for cover to cash. The BTCUSD price movement showed a high correlation with the stock market the last month amid widespread fear and uncertainty about the global trade and economy.
The major cryptocurrencies are also trading higher. Ethereum is 3.58% higher at 122.73, Litecoin is 2.30% higher at $35.59, while Ripple (XRPUSD) is 1.85% higher at 0.1506.

Bitcoin Price Technical Outlook

Bitcoin price is 2.31% higher at $5534 gaining momentum as BTCUSD holds above the 5000 mark. Bitcoin managed to break above the 23.6 retracement, and buyerS feel more confident now. Despite the recent positive moves, the outlook is bearish, and only a step above the $6,438 mark can cancel the current downtrend. 

On the upside, the first resistance for bitcoin seen at $5598 the daily top. More offers will be met at $5967 the top from March 15. The next obstacle for bitcoin stands at $6433, the 38.2% retracement. 

On the other side, first support for bitcoin will be met at $5266 the daily low. If BTCUSD breaks below, the next support stands at $4,995 the low from yesterday’s trading session. Next support area stands at 4406 the low from March 16th.   

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