Major altcoins are in a bearish trend but Bitcoin is holding and turned above $6300 level after testing the long-term support level. Will Bitcoin Price Rise Above $6700 level?
13 September, AtoZ Markets – Bitcoin or BTC price surged higher and broke the $6,320 and $6,380 resistance levels against the USD. The pair is trading above the $ 6400 level, moved by $174.42 with the total volume of over $350.66 Million. The Bitcoin price is still trading in between the weekly highest price ( $6,549.39, was on Friday) and the lowest price ( $6,134.76, was on Saturday). Moreover, Bitcoin was also spreading out its market dominance in the middle of the cryptocurrency selloff, thus helping it to stay supported in further dips. What to expect from Bitcoin price in coming days?
BTCUSD Daily Technical Analysis: Will Bitcoin Price Rise Above $ 6700 level?
The BTCUSD pair could reform the triangle top around $7,000 level or perhaps may even attempt to break higher. The 100 Simple Moving Average is above the longer-term 200 Simple Moving Average, this indicates that the path of least resistance is to the upside. Thus, as per the SMA indicator the surge in Bitcoin price is more likely to resume from this point. However, the market factors plays an important role for the Bitcoin price volatility. The investors might be holding the out hope for the SEC ruling on bitcoin ETF applications, although positive temperament has been dimmed by the regulator’s decision to suspend trading on ETFs. The US SEC pointed to confusion on the crypto markets and tell its mandate to protect consumers from highly volatile market.
Looking at the chart, bitcoin buyers managed to break the key $6,320 resistance. However, there are still many hurdles above the $6500- $6700 zone. According to Fibonacci retracement charts (placed in the monthly timeframe), the BTCUSD pair successfully surpassed the 23.6% Fibo. retr. zone. More likely, the Bitcoin will break the fibo golden ratio zone above the 38.3% Fibo. retr. levels and could move above the $6700 zone in coming days. Moreover, BTCUSD could revisit the triangle top around $7,000 mark or even attempt to break higher levels.
- The relative strength index(14) value is 43.51 which signals “SELL” in daily timeframe but the hourly RSI supports the pair.
- The CCI(14) valued at -55.68 which again signify selling signal in 1D chart.
- The hourly MACD(12,26) signify the BTCUSD is in slightly bullish zone.
- Moreover, according to ATR(14), the BTCUSD pair is Less volatile.
Bullish sentiment returns to the Crypto market?
7marketz Co-Founder and Crypto market analyst, Yagub Rahimov confirmed today that the bullish sentiment returns to the crypto market. Yet, he also commented that the cryptocurrencies are still much below its historic averages. Watch the video below for more insights.
BTCUSD Daily Pivot Points
The Bitcoin has significant daily strong support near $6240 level and resistance near $6390 level.
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