BTC/USD is trading in a narrow range on Wednesday with its upside capped by 20-DMA. It is currently trading at 7630 levels at the time of writing (Bitstamp).

Bloomberg reported that cryptocurrency exchange Bitfinex suffered a denial-of-service attack and soon resumed its services on June 5. Bitcoin recovered on the news and closed at 7617 levels on Tuesday after falling to 7360 earlier in the day.

On the top side, a consistent break above 7683 (20-DMA) would see the pair testing 7871 (3h 200-SMA)/8000/8188 (Cloud bottom). Further strength would target 8231 (4h 200-SMA)/8469 (100-DMA).

On the downside, support is seen at 7504 (10-DMA) and a break below would drag it to 7397 (1w 55-EMA)/ 7180 (78.6% retracement of 6427.16 and 9948.98). Further weakness would target 7044 (trend line joining 5920.72 and 6427.16)/ 6934 (Lower Bollinger).

Momentum studies: On the daily chart with RSI is below 50, which MACD is above the signal line and stochs biased sharply higher.

The pair is consolidating in a narrow for past couple of sessions. A decisive break above 20-DMA, coupled, with RSI moving above 50, would see further upside in the pair.

Intraday bias is bullish.

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