- Bitcoin is hammering on the short-term resistance at $6,400 in readiness for a bullish move.
- The RSI sideways trend marginally below the 50 percent mark signals continued stability.
- Bitcoin dominance in the market will “drastically reduce” in the coming 5-10 years.
The constantly reducing volatility in the crypto market can be interpreted as maturity of digital assets. However, the same market is host to a lot of speculators who are currently hurting. Bitcoin (BTC), for example has been stuck in a range with a support at $6,370 while the upside is capped at $6,460. The many attempts to break from the bear trend have been met by selling pressure. At the same time, the buyers are holding tight at vital support levels to ensure that the bears are denied opportunities to deflate the value of Bitcoin.
At present, Bitcoin is hammering on the short-term resistance at $6,400 in readiness for a bullish move above the trendline resistance. BTC/USD suffered subtle declines yesterday but the bulls remained unmoved above $6,370. A low was formed at $6,380 before a pullback took the price above $6,390. However, $6,400 is proving to be a significant hurdle.
The RSI sideways trend marginally below the 50 percent mark signals continued stability. The MACD signal is stuck in the negative zone to show that the bears are here to stay. Both the 100 SMA and the 200SMA will hinder movement at $6,410 while a break above the supply zone at $6,430 is expected to test the resistance at $6,460.
In other news, the CEO and co-founder of DeVere Group, Nigel Green shared his views on the status quo in the crypto market. Green says that Bitcoin dominance in the market will “drastically reduce” in the coming 5-10 years. He also said that the value of the market is likely to rise 5,000% from the current state ahead of the 10th anniversary for the largest crypto, Bitcoin.
“The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000% above its current valuation over the next decade.”
BTC/USD 60’ chart
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