Bitcoin struggling near $6500 area and an upward break will help Bulls to continue further. BTC managed to break above the last daily bar and still Bullish. Let’s check Bitcoin Technical Analysis for more levels and insights.
March 24, 2020 | AtoZ Markets – Bitcoin is currently trading at $6550 area while trying to continue the Bullish momentum. The current price action is quite volatile and corrective. BTC may recover higher but need a strong breakout above $6500 area with a daily close to confirm further up move.
Bitcoin climbed by 10.6% on today currently trading at $6550 area. After a massive drop from $10500 to $3800 area, BTC was able to recover almost 50% of the recent downturn. Moreover, the Coronavirus outbreak is still bothering the global economy and financial sectors. Currently, investors are worried about the crypto market after the stock markets crisis.
On the other hand, Bitcoin has risen in value over the past seven days as it gained 26.9%. The last twenty-four hours traded volume was $46.5B or 0.00% of the total volume of other cryptocurrencies. Currently, Bitcoin was still down about 67.42% from its all-time highest pick of $19,870 on December 17, 2017. Moreover, Ethereum rose by 9.59% to $135.40, and XRP gained 5.91% to $ 0.15846 on the day.
Bitcoin Struggling But Bulls Are Gaining Momentum
BTC is currently residing near $6550 area while Bitcoin struggling near $6500. The price is currently quite volatile and corrective, but managed to remain above $6500 area. If the momentum is maintained further, the Bulls may recover higher in the coming days.
Image: Bitcoin 4 HOUR Chart
According to the 4-hour chart, BTC is currently pushing higher after the Bulls find support at the dynamic level of 20 EMA. Bitcoin struggling near $6500 area may end if price manages to break above. So, if the price sustains above $6500 and make higher highs, the Bulls may push the price higher towards $8000 in the process. Furthermore, the MACD lines residing above the 0.00 level and may continue to rise.
Bitcoin Will Break Above Descending Channel or Reject?
According to the Daily chart, BTC is currently residing near $6550 area and may face descending channel resistance near $6800. After the price bounced from $4000 area, Bitcoin successfully recovered higher. As per current price action, if BTC rejects the descending channel resistance near $6800 area and have a daily close below $6500, the Bears may take over the market and push the price lower towards $4000 area. Alternatively, if the Bulls breaks above the descending channel resistance and have a daily close above $6800, the Bullish pressure may sustain higher towards $8000 in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the MACD indicator lines residing below 0.00 level and may have a Bullish cross over soon. The RSI indicator line is residing above the oversold level 30 and gradually rising upward. So, there is a high chance that Bullish pressure may sustain further in the process.
To conclude, Bitcoin is currently struggling near $6500 area with intact Bullish Bias. A certain break out above or below $6500 area may lead the price higher and continue the Bullish trend in place.