Bitcoin Bulls Putting Up a Strong Fight
Bitcoin price declined sharply recently and traded below the USD 6,250 support. BTC/USD tested the USD 6,100 support where buyers emerged and the pushed the price sharply higher above USD 6,400. Similarly, there were swing moves in ethereum and bitcoin cash, but prices held important supports and recovered. Overall, the market is back in a positive zone, but buyers need to stay in control.
Total market capitalization:
Bitcoin price traded above the USD 6,550 resistance, but sellers defended more gains. BTC/USD is down to USD 6,400 and it is currently (UTC 08:30 AM) trading in a range. An immediate support on the downside is near the USD 6,300 level, followed by the USD 6,250 level.
If the price moves higher, it could find sellers near the USD 6,440 level. Above this, the price may perhaps rise back towards the USD 6,500 barrier.
Ethereum price dipped below the USD 200 level during the last decline, but it quickly recovered. ETH/USD is currently trading well above the USD 200 support.
Buyers need to push the price above the USD 215 resistance to initiate a fresh upward move. The next resistance above USD 215 is at USD 225, above which the price may test the USD 240 level.
Bitcoin cash and ripple price
Bitcoin cash price is struggling to hold gains above the USD 420 support. BCH/USD must stay above the USD 400 and USD 420 supports to bounce back. If not, there is a risk of more losses towards the USD 380 level in the near term. On the upside, a break above USD 440 is needed for a decent recovery.
Ripple price is currently correcting lower below the USD 0.330 level. XRP/USD could continue to move down towards the USD 0.320 support where buyers are likely to appear in the near term.
Other altcoins market today
There were mostly positive moves in small cap altcoins, including FUN, WAX, RHOC, MANA, DRGN, BAT, CMT, LISK, KCS, DROP, MAID and PAY. Out of these, FUN gained around 16% and WAX rallied 11%.
Overall, bitcoin buyers successfully defended an important support near USD 6,100. If BTC/USD continues to hold the USD 6,300 support, there could be more gains towards the USD 6,440 and USD 6,500 levels in the coming sessions. Above USD 6,500, the price may possibly rally towards the USD 6,600 level.
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