Bitcoin Price Analysis: Fighting To Stay At $6,500
Bitcoin is trading in the green as other digital assets trim weekly gains.
BTC/USD is primed for gains above $6,600 with the ultimate resistance at $7,000.
The much-awaited volatility has made a comeback in the cryptocurrency market. Bitcoin and other digital assets are showing nice gains since the beginning of this week. Following the upsurge that started on Sunday, Bitcoin settled in another range with an upside at $6,440 and a range support at $6,380. As discussed in yesterday’s price analysis, BTC/USD defended the support and as predicted it broke past the range resistance at $6,440 and broke above the medium-term resistance at $6,500.
Bitcoin extended the gains above $6,520 before grinding to a sudden halt short of $6,530. At the time of writing, Bitcoin is trading at $6,503. The buyers are battling to ensure that there is slide below $6,500; a move that is likely to break down further past the trend line support towards the support at $6,440. However, as long as the price maintains trading above $6,500 and the bullish trendline, Bitcoin will eventually brake above $6,530 and embark on another journey towards $6,600.
The target for Bitcoin in the short-term is $6,700 while the coveted level at $7,000 will place Bitcoin on a trajectory towards $10,000 as predicted by for Goldman Sachs partner Mike Novagratz. A look at the chart shows Bitcoin price trading above the moving averages. Besides, the MACD at 27.87 is a strong buy signal. Likewise, the RSI is sending positive signals in the short-term. In the meantime, the price is making a nice bullish move above $6,509.
BTC/USD hourly chart