Bitcoin is back at levels it previously was, before its drop in March; BTCUSD technicals turn bullish

Bitcoin's return to its initial levels has provided much-needed relief to its loyal investors. BTCUSD currently appears mildly bullish.

Bitcoin has amassed remarkably popularity recently. People such as authors, entrepreneurs, and other celebrities are keen to get into this fanfare. 

World-renowned author, J.K. Rowling, of the Harry Potter fame, wanted to understand about Bitcoins. The one who came to her rescue was none other than the Billionaire founder of Tesla, Elon Musk.

BTCUSD technical outlook: stable

BTCUSD has now reached its previous levels before the devastating fall on March 12. Investors who held onto their Bitcoins would have breathed a sigh of relief. Moreover, BTCUSD appears bullish. It might be the greatest advantage at the moment considering the macroeconomic conditions.

BTCUSD Daily Chart
BTCUSD Daily Chart

If we look at the BTCUSD daily-timeframe, we can see the steady rise of Bitcoin. The day’s range for BTC is $9,216.08 — $9,590.00.

It is currently comfortably above the 20-day Exponential Moving Average. And it would act as a support level in case Bitcoin starts declining. The Relative Strength Index, or RSI, is currently mildly bullish.

Check out BTCUSD Chart on tradingview.

 

Is BTCUSD headed higher?

  • Bitcoin, although bullish at the moment, cannot be thought to be totally out of the woods yet. The world economy is still struggling with the COVID-19 pandemic. Until and unless the economy gets back on the track, people would turn towards safer assets.
  • Gold has proven to be one of the safest havens over time. Investments other than gold that would safeguard against such a crisis is yet to be found.
  • On top of the Coronavirus scare, the US President has decided to tackle China head-on. This stance has sparked off fresh fears surrounding a trade war that could turn ugly.

Therefore, it would be prudent to wait before making any substantial investments in riskier instruments such as Bitcoin.

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