Bulls Get Relief as Bitcoin Price Beats $6.5K Resistance

Published on by Coindesk | Published on

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Bitcoin's price rose above $6,500 Thursday, offering some respite for the badly battered bulls.

The world's largest cryptocurrency by market capitalization had fallen to $6,138 Wednesday at 16:00 UTC - its lowest level in 26 days, according to Bitfinex data.

Bitcoin's price was last seen at $6,500, up 5 percent from its most recent low.

Supporting the view is that the broader market has seen an uptick as well, best depicted by the total crypto market capitalization, up $10 billion on the day where its value currently stands at $235 billion.

Names like ethereum, EOS and bitcoin cash have each appreciated by at least 3% percent over the last 24-hours.

Where to for bitcoin? Right now, there are hints if no conclusions.

Further, the exponential moving averages have crossed, sending a mixed signal that would otherwise see prices fall and are requiring backing from other indicators, which currently show bullish.

Daily Tweezer bottoms marks a small trend change, backed by growing volume.

The daily MACD for bitcoin is finally ticking up for the first time in 10 days signaling positive price action from the bulls.

RSI could present issues facing a previously historical resistance line at 46.92 points.