Bitcoin price analysis: BTC/USD retreats below $6,600 amid reducing market dominance

Bitcoin has been correcting higher since the slide in the first week of September found balance marginally above $6,100. In spite of the up and down swings throughout last month’s trading, BTC/USD is still trading within an ascending channel as seen on the 15-minutes chart. However, the uptrend has not been able to break above the resistance at $7,000.

The largest cryptocurrency by market capitalization is currently taking up 51.3% of the total cryptocurrency market.  Its market cap stands at $114 billion while $4 billion in trading volume has gone through the exchanges listed on CoinMarketCap. Altcoins have been recovery slightly in the last one week in return reducing Bitcoin market dominance from 2018 high of 57.05 percent.

Meanwhile, Bitcoin price is trading at $6,594 but it has recorded highs of $6,637 on the day. The month-long descending trendline is capping the gains towards $6,700. The current trend is strongly bearish, similarly, the MACD is ranging slightly below the mean line (0.00) while the RSI has retreated in the region between 30 -50 percent.

Bitcoin price is also holding tight to the 50% Fib retracement level with the last high leg at $7,383.99 and a low leg of $6,103.48. If the price retraces above $6,600, Bitcoin could regain strength towards $6,700 and $6,800. On the other side, there are several support areas highlighted at $6,400, $6,200 and the primary support zone at $6,100.

BTC/USD 15-minutes chart