Bitcoin price analysis: BTC/USD blasts through $6,500; following in Ripple (XRP) footsteps
|- Bitcoin breaks past the trendline resistance and $6,500 as the bulls distance themselves from the bears.
- Ripple is up over 7% on a daily basis as CoinField Exchange hints massive support.
Bitcoin has blasted past several key hurdles on Thursday as the bulls welcome the back last the uptrend that was cut short on Monday. As discussed in an earlier published Bitcoin price analysis, the crypto made a sharp recovery towards $7,000 last week. However, it traded a high at $6,800 before the bears took over. BTC/USD broke past the key support at $6,400 before bouncing back up touching $6,350.
The price has been in the green since the opening of the session on Wednesday. Bitcoin has not only broken past the trendline resistance at $6,466.78, it has also extended gains past the critical level at $6,500. In the interim, BTC/USD is flirting with the 50% Fib retracement level between the last high leg of $6,732.68 to a lower leg of $6,350.
Bitcoin bulls must battle to find a support above $6,500 for a recoil path towards $6,600 to be formed. Key hurdles will hinder the movement at $6,550 and at the 100SMA currently at $6,583.02. The current trend is bullish and is likely to continue in the favor of the bulls. BTC/USD is more likely to move upward sideways but if $6,500 fails to hold, $6,450 is highlighted as the next support target.
Bitcoin is simply following in the footsteps of Ripple (XRP), the third largest digital currency in the market. Ripple is up 7% on Wednesday after extending gains beyond $0.50. The asset is said to utilizing the support accorded to it with news that CoinField exchange is considering launching XRP as the base cryptocurrency. Ripple has been in the spotlight in the recent days due to the surge it experienced mid last week from $0.28 to almost hitting $0.7. The digital asset is currently trading at $0.558 while the trend is still strongly bullish.
Read more on Ripple price analysis here.
BTC/USD 1-hour chart
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