Bitcoin price analysis: BTC/USD bulls keep calm and carry on, as long as the price above $6,300

Bitcoin is rangebound during Asian hours.
The latest report shows crypto theft and money laundering tripled in 2018.

Tanya Abrosimova Independent Analyst

Bitcoin is trading at $6,604 to press time, up about 2.4% percent over the recent 24 hours and unchanged since the start of the day. The cryptocurrency no.1 sits comfortably above $6,483 resistance level, which is followed by 6300. Fundstrat’s Robert Sluymer highlighted it as critical for recovery earlier this week.

The cryptocurrency market cap has risen from $263B to $273B with the best part of the growth taking place within as little as six hours. Meanwhile, the industry is plagued by theft and security breaches as hackers stole from exchanges three times more in the first half of 2018 than all of 2017, CipherTrace report shows. This trend is in sync with rising money-laundering activity.

Bitcoin technical picture

Bitcoin got back above $6,483 handle, which is important Fibo retracement level and previous 2018 low. It is a positive signal confirmed by the fact that the coin stays above all intraday MAs (1-hour chart). The local support comes at $6,500 with 100-SMA at $6,495. The critical $6,300 is strengthened by 200-SMA. Once it is cleared, the sell-off may be extended to $6,000. The upside is capped by Wednesday's high at $6,796 and psycological $7,000 handle.

BTC/USD, the 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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