- Bitcoin adds 1.88% on the day following a Ripple driven market recovery.
- The path of least resistance is upwards but a support at $6,350 will be very instrumental.
Bitcoin has corrected higher above the resistance we explored in the previous analysis at 6,284. There was a nice bullish movement from the support at $6,200 as buyers explored a window after the selling activity that started at the beginning of the session on Monday.
Consequently, the struggle at $6,275 slowed down the bullish momentum. However, the bulls increased their grip on the market using the hype surrounding Ripple (XRP) which has surged over 21% on Tuesday following the news that the network’s xRapid solution is going live in a month.
Currently, Bitcoin is trading at $6,360 although, it has corrected higher and exchanged slightly beyond $6,375. The trend is still in the favor of the bulls who have eyes on $6,400 in the near-term.
Bitcoin must keep the support at $6,350; this will allow the buyers to gather momentum for another journey above $6,400 and in the long run $6,500. Technical levels are positive at the time of press and Bitcoin is unlikely to drop towards $6,300. An upward swing above $6,300 is still probable especially if the buyers can increase their grip on the price.
BEST BROKERS TO TRADE CRYPTO
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.