Bitcoin (BTC), the largest digital currency in the world by market cap, has started creating a new support level over the past couple of days. The value of the digital currency surged to almost $6,800 on the 4th of July, before declining to about $6,450 the following day. Right now, the value of the coin is fluctuating between $6,450 and $6,600.
Bitcoin Price Today: Current Price of BTC
At the time of going to press, Bitcoin (BTC) is trading at $6,571 after an increase of 1 percent over the last twenty-four hours. The market cap of the digital currency is $114 billion and a trading volume of $3.98 billion over the past twenty-four hours.
The New Support Level of Bitcoin (BTC)
While changing hands within that range, BTC has created a new support at the $6,450 mark, according to Cryptopatterns newsletter publisher – Jon Pearlstone. He said that “this support level has proven to be a major price level for the digital currency since it built a multi-week consolidation in April which was not retested until last month.
Pearlstone also said that while it is bullish near-term that Bitcoin has maintained the $6,450 level since it surged from its lows, the tussle of buyers to follow through and take the value of the coin over the next major resistance level of $7,250 is a good indicator it’s best to remain cautious in this market.
Mati Greenspan Says the Stabilization of Bitcoin Is Good
A senior market analyst for eToro (a social trading platform) said that the recent stabilization of Bitcoin (BTC) is a really good thing. He also said that a more stable value increases the use as a means of exchange and store of value.
The value of the digital currency has been pretty stable over the past few days, and if it continues this way, it might begin an upward trend to test the $7k mark in the short-term.