{"id":421040,"date":"2020-04-16T23:00:38","date_gmt":"2020-04-16T23:00:38","guid":{"rendered":"https:\/\/ktsl888.com\/?p=421040"},"modified":"2024-06-11T13:47:35","modified_gmt":"2024-06-11T13:47:35","slug":"this-untapped-supply-zone-may-help-bitcoin-rocket-higher","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/this-untapped-supply-zone-may-help-bitcoin-rocket-higher\/","title":{"rendered":"This Untapped Supply Zone May Help Bitcoin Rocket Higher"},"content":{"rendered":"
Bitcoin\u2019s intense overnight rally has stalled within the lower-$7,000 region, as the benchmark cryptocurrency has been unable to surmount the heavy selling pressure that has been firmly established just above its current price region.<\/p>\n
Its inability to push higher despite the overt bullishness of its swift rebound from lows of $6,600 may stem in part from the fact that the crypto is now approaching a critical technical resistance level.<\/p>\n
There are a couple factors that could help BTC shatter this level, however, with an untapped supply zone and resting liquidity on the upside being two influences that analysts are currently looking towards.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 5% at its current price of $7,025, which is the price at which it has been trading at in the time following this morning\u2019s slight rejection at highs of $7,200.<\/p>\n BTC is currently trading up significantly from daily lows of under-$6,600, with the strong support established at this price proving to be enough to push the cryptocurrency higher.<\/p>\n The horizontal resistance<\/a> that has been found between $7,200 and $7,500 throughout the past two weeks is showing no signs of degrading anytime soon, and today\u2019s rejection further confirms this.<\/p>\n Bitcoin is also currently pushing up against its MA50 on its daily chart, which is also providing it with some meaningful resistance.<\/p>\n One pseudonymous trader on Twitter spoke about this level in a recent post<\/a>, explaining that a break above it before the daily close \u201cwould be notable.\u201d<\/p>\n \u201cBTC – first intraday break of the MA50 daily chart…a close above would be notable,\u201d he explained.<\/p><\/blockquote>\n