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In the process, BTC/USD has breached below its 20-day Simple Moving Average , which could add to the overhead technical pressure facing the cryptocurrency.
Even lower lies the psychologically important 50k level, which, if breached, would likely put significant overhead pressure on Bitcoin.
That said, a break above 3,530 would put the cryptocurrency at new all-time highs, with a potentially critical resistance level overhead as the 4,000 psychological level.
A late April, a selloff put the cryptocurrency’s earlier rise in jeopardy, but strength reemerged and sent prices higher once again.
The 161.8% Fibonacci extension level would serve as a prompt resistance level and then the 261.8% Fib extension just above the psychological 90 handle – with intervening psychological levels at the 70 and 80 handles.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.