Home Bitcoin Cash Bitcoin breaks resistance and 100-day moving average

Bitcoin breaks resistance and 100-day moving average


Digital currencies continued their stellar run Tuesday, with all major coins in the green and on track to extend their winning start to the week.

The No.1 digital currency added 4% Tuesday, breaking through $9,000 to an intraday high of $9,337.66. A single bitcoin

BTCUSD, +4.95%

was last worth $9,296.92.

The acceleration in digital currency prices has seen the market cap for all cryptocurrencies increase by $100 billion in the last week, reaching $425 billion Tuesday.

Read: Bitcoin boosted by IMF chief Christine Lagarde’s praise

Bitcoin breaks key levels

The surge through $9,000 took bitcoin above the mid-March highs—a critical resistance level for technical onlookers. Furthermore, the move took bitcoin above its 100-day moving average for the first time since Jan. 29.


“We have definitely seen a trend reversal, weekly momentum has bottomed and from here pull backs will be bought,” said Rob Sluymer, technical strategist at Fundstrat.

Sluymer added that the next resistance band is the $9,677 retracement level and the 200-day moving average, which is currently around $9,800.

Read: If this chart is correct, it puts the price of bitcoin at $91,000 by 2020

What are altcoins and futures doing?

Altcoins continue to outperform, led by Bitcoin Cash. The fourth biggest cryptocurrency has added a further 4.8% Tuesday, reaching an intraday high of $1,560.94 and has risen more than 100% in the last week.

Ether is the best performer of the major coins Tuesday, gaining 7.1% to $688.61, Litecoin is up 5.8% to $160.97 and Ripple’s XRP is up 4.4% to 91 cents.

Futures have followed the spot market higher. The Cboe’s May contract

XBTK8, +5.74%

 is up 4.8% to $9,310 and the CME Group Inc. April contract

BTCJ8, +5.99%

has added 5.3%, last trading at $8,310.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one dashboard

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