Bitcoin price analysis: BTC/USD eyes consolidation above $6,600; Bitcoin ranking in China slides to 17th position

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 13^th position to 17^th. 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