Potential Breakout For Bitcoin Price Lies At $7,200

The Bitcoin news today show that BTC is flipping its 50-day moving average (MA) in order to support the $7,000 levels which it recently pushed, eyeing a “potential breakout” at $7,200 as one new report concluded.

Published on April 22, the report by Delphi Digital shows that signs are turning more bullish for the BTC/USD pair. A potential breakout for the BTC price is now in the books after the dominant coin regained $7,000 on Wednesday and managed to broadly preserve its position above the 50MA, which had previously acted as its resistance point.

“After a few weeks of consolidation, bitcoin appears to be eyeing a potential breakout around $7,200 and seems to be finding some support in its 50-day MA after breaching it at the end of last week,” the report by Delphi Digital reads.

Continuing, they warned of a cocktail of negative influences for traditional markets, which is made worse by this week’s historic crash in oil prices. The price of oil and its recent collapse “only adds to mounting deflationary pressures as weak demand and evaporating cash flows go head-to-head with unprecedented relief efforts,” it said. “The dollar refuses to break despite the Fed’s best efforts to pump the system with liquidity.”

A potential breakout for Bitcoin’s price can come soon. Even though the crypto news show a lot of volatility on the markets right now, Bitcoin (BTC) is pushing to regain its start-of-year position at $7,200. If it succeeds in that manner, the analyst named filbfilb predicts that more upside could be in store before the pivotal break and May’s reward halving.

When it comes to volatility, Delphi Digital also included that in their report, noting that the BTC versus VIX volatility chart was a relationship worth watching.

“The VIX index has gradually declined from fresh record highs last month, which tends to be supportive for BTC,” the report adds. “Any disruption to the recent *relative* calm, however, could serve as a short-term headwind for Bitcoin if history serves as any guide.”

Currently, Bitcoin is trading at $7,091 and has a nice push from this morning to continue and regain the $7,200 levels which could result in a potential breakout. If this happens, many altcoins will probably move on the upside.