Bitcoin Price In Healthy Uptrend, Bulls In Control Above $7,000

Bitcoin price healthy uptrend drives the price slowly but steady to higher levels. The first critical resistance at the 50-day moving average now provides strong support. Arrano Capital in Hong Kong launched the country’s first regulated Bitcoin fund. The fund, which tracks Bitcoin’s price, provides institutional investors access to Bitcoin through the traditional fund structure. The fund is eyeing 100 million US Dollars assets under management the first year. The company plans to launch one more fund in 2020 as it sees strong demand for active and passive crypto instruments.

BTCUSD capitalization has now reached $132.15 billion, while the top 100 cryptocurrencies have surpassed $208 billion. Ethereum is 1% higher at $182, Litecoin is 0.68% higher at $42.57 while Ripple is 1.18% higher at 0.1913.

Bitcoin Price Support and Resistance

Bitcoin price is 0.31% higher at $7,148 as the number one cryptocurrency hovers above the 50-day moving average for the fourth consecutive trading session. The technical picture improves above the 7,000 mark, and a test of the 100-day moving average can’t be ruled out.  

On the upside, the first hurdle stands at $7,220 the daily top. The second significant resistance will be met at $7,256 the high from Sunday’s trading session. In case of a bullish breakout, Bitcoin might test the high from April 9, at 7,359.

On the contrary, initial support for Bitcoin price stands at $7,090 the daily low. If BTCUSD breaks below that level, the next support stands will be met at $6,885 the 50-day moving average. Below 6,885, the next support zone stands at 6,463 the low from April 16.

Article Source…