Bitcoin (BTC) is currently trading slightly over the $6,000 mark, but the digital currency remains to be seen if it can gather more momentum over the $6k level. Bitcoin – the most valuable digital currency in the world by market cap – has reduced in value by 37% from its high of $9,997 on the 5th of May this year.
It could be argued that the digital currency needs a daily close over the previous low of $6,070 to eliminate bearish outlook for the coming weeks. This will generally boost market confidence, and it could ignite another bullish revival that was seen over the past week.
Bitcoin (BTC) Price Today – BTC / USD
Price 24H (%) 0.64%
At the time of writing, Bitcoin (BTC) is trading at $6,230 after a decrease of 0.4 percent over the last twenty-four hours and a decrease of 6 percent over the past seven days. The market cap of Bitcoin is $107.37 billion and its trading volume over the past twenty-four hours is $3.90 billion.
Bitcoin (BTC) Price Analysis
As long as the H&S pattern stands, the Fib retracement level from the previous high on the 5th of May to the low on the 12th of July of the present bullish reversal trend, indicates that major resistance awaits Bitcoin at the $6,400, $6,900, $7,021, and $8,046 levels.
The 55-Day EMA is also well above the present value of the coin, and this shows that the digital currency is still in the bearish zone, and it will remain bearish until it surges over the crucial resistance at the $7k mark. The relative strength index provides some consolation to support the present H&S reversal that is presently bouncing from the 41.8 point line – which was previously a point of resistance.
For the short-term bearish perspective to be aborted, the digital currency needs to trade over the $6,400 level. If this happens, then the digital currency might amass enough momentum to test the next resistance close to the $7k mark.