- Buyers are intent on closing the week’s trading with consolidation above $6,600.
- The CCID ranking takes into account aspects such as technology, application, and creativity.
Bitcoin price is range-bound within Andrews Pitchfork. The trend is bullish at the moment while the key resistance is at $6,600 for the intraday trading on Friday. BTC/USD broke above the moving averages resistance covered in an earlier analysis. The price is now edging higher above $6,550.
The Relative strength Index (RSI) on the 2-hour chart is moving further above the 50 mark confirming that the buyers have the grip. The 50% Fib retracement level around $6,530 prevent gains, but the buyers are intent on closing the week’s trading with consolidation above $6,600. Furthermore, if BTC/USD can overcome the critical resistance at the 61.8% Fib level close to $6,700 (Andrews Pitchfork upper resistance level), then $7,000 is within reach in the short-term. The support zone at $6,400 is very instrumental to Bitcoin, although the demand zone at $6,000 is still beckoning.
In other Bitcoin-related news, CCID, a technology initiative that operates under the Ministry of Industry and Information technology in China has released its report on thirty virtual currencies. Ethereum held the first position in the review released in May, but in the current ranking, EOS has claimed the first position. Bitcoin, on the other hand, has dropped from the previous 13th position to 17th. The ranking takes into account aspects such as technology, application, and creativity among other things. Moreover, the ranking is not based on performance in terms of price but the blockchain technical aspects. The head of CCID, Dr. Songtau Pu while speaking to Cryptovest news website said with regards to how the ranking is done:
“First of all, I must emphasize that what we do is not ratings for cryptocurrencies, but the technical assessment index for public blockchains. The assessment results are not determined by us—by human beings. We have a model to assess the blockchains (not the cryptocurrency) and we have a team to capture the data. So, with both the model and the data, we calculate the results. It is hard to explain why Bitcoin dropped four places, [but] what I can say is that with the results now Bitcoin is listed [as] 17th.”
BTC/USD 2-hour chart
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
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
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?