This Former Bitcoin Price Support Is Now Capping Gains

Bitcoin’s (BTC) weekly gains were wiped out at the weekend at a key moving average that previously offered support.

The leading cryptocurrency by market capitalization jumped to highs above $6,750 on Saturday, having weakened the immediate bearish case with a repeated defense of the psychological support level of $3,500 last week.

BTC, however, failed to secure a UTC close above the 21-month MA. More importantly, rejection at that MA hurdle proved costly – BTC fell 3.8 percent to $3,470 yesterday.

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