- Bitcoin has revamped the trend above $6,400 adding 1.77% on the day.
- All eyes are set on $6,500 in the near-term but the buyers must be ready to defend $6,400.
It is the turn for Bitcoin bulls to turn tables and increase their dominance in the market. The buyers have been suffering under the bear pressure since the first week of September. The declines at the beginning of this week threatened to test the lows in August but Bitcoin defended the support at $6,100 and kept $6,000 at bay. BTC/USD has corrected higher 1.77% on Thursday while the current bullish trend could very well test $6,500 in the near-term.
The break above the range limit at $6,400 discussed in the previous price analyses has triggered a spike. Regulation news has been at peak this week, however, Bitcoin remained unbothered by either the positive news or the negative news. The UK Financial Conduct Authority said that it will not rule out the role of blockchain and cryptocurrencies in the financial system. However, the authority emphasized that it will continue studying the market while at the same time, making investors aware of the risks. The U.S. SEC, on the other hand, has increased its grip on the market and is purging the space to get rid of products that violate the securities law.
Bitcoin is trading at $6,445 at the time of press while the trend that is prevailing is strongly bullish. The price made a comeback at the opening of the session by lusting through the stubborn resistance at $6,400. There was a dip below the same level in the Asian trading hours but a support above $6,370 stood its ground. The next resistance target is at $6,480, although all eyes are on $6,500. There are at least three support zones above $6,000; at $6,280, 6,240 and $6,160.
BTC/USD hourly chart
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 dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
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?