Bitcoin (Image: MichaelWuensch/Pixabay)

Above $4,300: Bitcoin Is Up, But Is It Out of the Woods?

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.

Bitcoin (Image: MichaelWuensch/Pixabay)
Bitcoin (Image: MichaelWuensch/Pixabay)

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

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