The bitcoin-US dollar (BTC/USD) exchange rate is gaining altitude after the bearish Doji reversal seen earlier this week failed to keep the cryptocurrency below its 50-day moving average.
At press time, bitcoin is trading at $4,325; up 1.46 percent as per data from CoinMarketCap. The two-day sell-off ran out of steam earlier today at the low of $4,150. The subsequent rebound then gathered pace above the 50-day moving average of $4,187.
However, the rebound from the 50-day moving average support seen in the one hour indicates the fears over the event are overblown. So, is bitcoin set to fly high or is the rally a bull trap?
The price action analysis suggests the cryptocurrency is currently hovering in the no man’s land.
Read more: CoinDesk