Bitcoin (BTC) Price Starts Consolidating Higher After Testing a New Monthly Low

The value of Bitcoin (BTC) is still beneath its descending trendline on the one-hour and four-hour frames. Nevertheless, there are signals that bearish pressure is weak, giving way for the return of the bulls. Earlier, the digital currency broke below the $6k mark, however, it has made a remarkable comeback as it is now trading over the $6,300 mark.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,173.06
-2.10%

At press time, Bitcoin (BTC) is changing hands at $6,320 after an increase of more than 5 percent over the past twenty-four hours. The market cap of the digital currency has slightly increased to $109.06 billion with a trading volume of $4.71 billion over the past twenty-four hours.

Bitcoin (BTC) Price Analysis

The 100 simple moving average is crossing beneath the longer-term 200 simple moving average to signal that the path of least resistance is currently heading south. This indicates that the selloffs are likely to resume instead of reversing. The value of the digital currency might resume its downward trend as it tests the trendline around the $6,200 to $6,350 mark, but a candlestick over this level could still spur a reversal.

Bitcoin (BTC) has been under a lot of pressure as it fails to sustain its quarterly high. Some negative comments and the decision of the US SEC to delay the ruling on various applications for Bitcoin (BTC) ETF has also dampened investor sentiment. Although there are a couple of updates of institutional interest, these do not seem to subdue the fear, uncertainty, and doubt that is dominating the crypto space.

At the moment, the digital currency is enjoying some gains as it is gradually consolidating higher. The coin is currently capped on the upside at the $6,450 mark. The digital currency needs to break over this level in order to open doors for more gains and head towards the next resistance level.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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