After completing the diaper event on April 19, Bitcoin slowly but steadily recovered, erasing the memory of its recent decline. However, this trend appears to be on hold for now after the price failed to break the 50-day simple moving average (SMA). If Bitcoin were to turn to the downside, the new support at 62,500 could limit further downside attempts. If it slips below this lower limit, the price could attack the level of 60,760 before the level of 59,313, which provided support during the run. A breach of one of these could prepare the ground for the 52,850 hole resistance. On the other hand, if buying pressure reappears, the price could swing towards the recent resistance of 67,270, which intersects with the 50-day SMA. After conquering this level, the bulls could turn to the level of 69,000, which has acted as both support and resistance in recent months. A break in this area could open the way to new resistance at 71,750 points.
Author of the link: Tm Instaforex
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