Bitcoin consolidates above $7,000, as bulls eye ‘line in the sand’

Digital currency prices are trading mostly unchanged Wednesday, looking to consolidate gains made over the last two trading sessions.

In early Wednesday trading, a single Bitcoin

BTCUSD, +0.31%

 last changed hands at $7,088.94, up 0.1% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange.

After breaking out of the $6,000 to $7,000 range, industry participants are looking at a key technical indicator as the next target for the worlds No. 1 digital currency. “Now we have confirmation above $7,000 and a break of the 50-day moving average we should start to see momentum build,” said Naeem Aslam, chief market analyst at Think Markets U.K.

“However, the next mark in the sand is the 200-day moving average, which will prove stiff resistance.” The 200-day moving currently stands at $7,885.

A moving average is a closely watched momentum indicator.

BTC/USD courtesy of TradingView

Read: Survey finds a surprising barrier to blockchain adoption

Altcoins quiet, Ether looks to take $300

Altcoins, a collective name for digital currencies other than Bitcoin, limped out of the blocks Wednesday, with most trading near Tuesday’s closing levels. Ether

ETHUSD, +0.58%

the second largest altcoin, is looking to regain $300 for the first time since August 20, trading up 0.5% at $295.43. It’s been a tough month for owners of Ether, despite the resurgence to start the week, the currency of the ethereum network is down 35% since the beginning of August.

Elsewhere, Bitcoin Cash

BCHUSD, +0.05%

was down 0.8% at $562.90, Litecoin

LTCUSD, +0.05%

is off 0.3% at $62.64, and Ripple’s XRP coin

XRPUSD, +1.06%

was trading at 35 cents, down 0.6%.

After finishing more than 5% higher Tuesday, futures are off to a quiet start Wednesday. The Cboe September contract

XBTU8, -0.32%

 is down 0.2% at $7,105, while the CME August contract

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