Bitcoin managed to stay afloat yesterday and as a result, closed just below the $7,600 resistance level which continues to cap bullish attempts. The cryptocurrency looks set for further rise but still lacks momentum in the directionless market on Friday.
In the short-term charts, BTCUSD is stuck between the $7,400 and $7,600 figures, with recent bias signals about the increasing upside risks, though the coin is yet to confirm the reversal. A break and daily close above the $7,600 area will open the way to the key $8,000 threshold. In this scenario, the short-term technicals for the BTCUSD pair will improve substantially.
In the longer term, the prospects remain uncertain. Bitcoin lost almost 20% in May and remains within the downtrend since mid-December. Interestingly, the 5-SMA is now below the 10-SMA in the monthly chart, which points at some bearish risks which will likely be felt at some point in the future.