Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View More
Bitcoin (BTC) Price: Rally Supported But Quickly Running Out of Steam

Bitcoin (BTC) Price: Rally Supported But Quickly Running Out of Steam

Nick Cawley, Senior Strategist

Bitcoin (BTC) Price, News and Analysis:

  • Bitcoin rally running into 50-dma resistance.
  • Supportive trendline intact as BTC pull-back nears completion.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) continues to edge higherand erase nearly all of the mid-March sharp sell-off, with a series of higher lows producing a supportive uptrend that has been tested but not broken. The blow-out sell-off from $7,990 to $3,900 continues to be clawed back with the March 13 high the next target. The 50-day moving average is also in play and is being tested for the third day in a row, and as yet remains unbroken. The last time that BTC tried to break above 50-dma resistance (March 7), a sharp sell-off occurred a week later, hammering the price nearly 60% lower. The ATR indicator is also showing the market is overbought.

The current narrowing of Bitcoin’s trading range suggests that breakout is close. While the cryptocurrency market is 24/7, the upcoming Easter break will reduce market liquidity, leaving cryptocurrencies vulnerable to a sharp move, either way.

Bitcoin (BTC) Daily Price Chart (June 2019 - April 9, 2020)

bitocin price chart
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.