Bitcoin price analysis: BTC/USD picks up the pace; $6,600 is the buyers next rendezvous position
|- Bitcoin price breaks out of the contracting triangle pattern but struggling at $6,550 while intent on reaching $6,600.
- Both the 50 SMA and the 100 SMA will offer support but $6,450 and $6,400 are stronger support zones.
Bitcoin buyers are intensifying their attack on the bears. They refuse to be mutilated over the reaction to the regulatory (US SEC) decision on Bitcoin exchange-traded funds (ETFs). As reported by FXStreet the SEC had decided to review the recently denied 9 Bitcoin ETF proposals from ProShares, Direxion, and GraniteShares.
The market dominance for Bitcoin continues to rise and currently stands at 53.2%. This means that Bitcoin is taking up over half of the total cryptocurrency market capitalization. Consequently, its market capitalization is $112 billion, up from $109 billion at the close of the session on August 23.
In the meantime, Bitcoin price has broken above the short-term resistance explored in an earlier published analysis at $6,500. The crypto is currently trading above the contracting triangle pattern resistance. It has come near $6,550 but the bulls lack the momentum to retrace above this level hence the current ongoing lower corrections. The buyers are seeking support at $6,520 but the former resistance at $6,500 is a stronger bet.
On the upside, the resistance at $6,550 is limiting retracement to towards $6,600. The supply zone at $6,700 is well within reach but only if the buyers can sustain a break above $6,600.The trend is slightly positive, besides the MACD is ranging in the positive levels, particularly at 19%. There are other support areas; at the hourly 50 SMA and the 100 SMA, $6,450 and $6,400 will be vital for the buyers in the event of an extended decline.
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