- 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
-636735619688299725.png)
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?