Bitcoin price analysis: BTC/USD looming breakout to test $6,500
|- Bitcoin price trims gains on the day following an upside move above $6,410.
- Triangle resistance breakout to test levels towards $6,500 in the medium-term.
The cryptocurrency market is dancing around $209 billion with the buyers lacking the momentum to sustain at uptrend. The 24-hour exchange trading volume stands at $9.7 billion. BTC dominance according to the data on CoinMarketCap is at 53.7%. Bitcoin has a market capitalization of $112 billion with a trading volume of $3.5 billion.
Meanwhile, Bitcoin is trading at $6,396 after a subtle 0.19% decline on Monday 29. Although, the buyers have maintained higher trading levels, the upside remains capped below $6,460. Last week saw Bitcoin attempt to escape the bear range but the seller presence was too high to allow for sustained growth towards $6,500. The price is currently up and down the moving average on the hourly chart. Besides, a bullish move during the Asian trading hours on Monday morning made it past $6,410 but failed to break the trendline resistance.
The European trading hours are seeing Bitcoin trim the intraday gains below $6,400. Bitcoin testing the support at $6,390. To come out of the bear range, Bitcoin will have to break from the triangle resistance and establish a support above $6,430 in preparation for another swing to $6,500. In the meantime, the support at $6,390 must hold to prevent the bears from breaking past the triangle support; a move that is likely to trigger declines below $6,300.
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