BTCUSD Retreats After Unsuccessful Test of 50-SMA
BTCUSD (Bitcoin) had been in a slow but steady recovery after the completion of the halving event on April 19, erasing a significant part of its recent slump. However, the rebound appears to be on pause for now following the price’s inability to conquer the 50-day simple moving average (SMA).Should Bitcoin reverse lower, the March support of 62,500 might curb initial downside attempts. Sliding beneath that floor, the price could challenge 60,760 ahead of 59,313, both of which have provided support during March. A violation of the latter may set the stage for the February resistance zone o...
Source: actionforex.com
