Bitcoin price trades higher but off the daily highs as the crypto pair rejected for the second day in a row at the 50-day moving average. Bitcoin retreated yesterday after failed to break above $7,421. Bitcoin makes a second attempt to break above the 50-day moving average that might initiate another leg higher to $8,000 mark.
The South Korea central bank has begun a pilot program to test its national digital currency – WON. The central bank’s pilot program will run till the end of 2021 to check the technical and legal issues of CBDC. China expected to launch its centralized digital currency sometime in 2020. Many analysts believe that might be an increase in demand for digital currencies a people fear that physical cash is helping the spread of coronavirus.
Bitcoin Price Support and Resistance
Bitcoin price is 1.52% higher at $7,319 as the rebound from the recent lows is keep pushing higher as the sentiment improves. The critical resistance for the short term trend is the 50-day moving average where the bear’s guard and looking for a correction.
On the upside, the first resistance for Bitcoin stands at $7,428 the 50-day moving average and the daily top. More offers will be met at $7,975 the high from March 12. The next hurdle for BTCUSD stands at $8,148 the 100-day moving average.
On the other side, first support for Bitcoin will be met at $7,152 the daily low. If Bitcoin breaks below, the next support stands at $6,792 the low from April 6. Next support area stands at $6,556 the low from April 2.