The bitcoin price reached the level of the 50-day moving average that can have an effect on the market in the upcoming days.
Current support/resistance: $6'800/$7'800.
The climb of the bitcoin price has been stopped by the resistance level in the $7'200-$7'300 range, and the 50-day moving average is poses another test for the bulls. The price is getting more and more closed in between the rising trend and these resistances, and experts predict that a breakout is likely to happen, although the direction is hard to predict. Meanwhile, the short term market indicators show a bullish signal, the RSI is in the neutral zone.
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