What happened: Following four days of upward momentum traders are now looking to see how the price of Bitcoin (CRYPTO: BTC) will react as it nears a test of the 50-day exponential moving average. The price of the cryptocurrency dropped below the key average in May of this year and the level (currently $35,115) has now become resistance.
Previous attempts to reclaim the 50-day EMA as support have failed since the price of BTC plunged from an all-time high of almost $65,000 in mid-April.
Why…
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