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26 February 2024
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Breaking: Bitcoin jumps above daily SMA50 to trade above $9,400

Bitcoin is on fire. The first digital asset has gained over 2.5% both on a day-to-day basis and since the beginning of the day to trade above $9,400.

From the technical point of view, BTC/USD broke above daily SMA50 that has been limiting the recovery since July 10. A sustainable move above this area will improve the short-term picture and allow for an extended recovery towards the next barrier created by $9,500 (the previous recovery attempt stopped short of this level). Also, this development will signal that the consolidation phase is over and BTC is ready for a massive bullish run.

On the downside, the above-mentioned SMA50 now serves as local support at $9,350. if the price drifts below this area, the sell-off may be extended towards $9,200. However, the RSI on a daily chart has reversed to the upside, which means the bullish scenario is more likely at this stage.

Meanwhile, XRP/USD broke above $0.2000 and hit the intraday high at $0.2011. The coin has gained 2.6% since the start of the day.

BTC/USD daily chart

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