Bitcoin price analysis: BTC/USD blasts through $6,500; following in Ripple (XRP) footsteps

Bitcoin breaks past the trendline resistance and $6,500 as the bulls distance themselves from the bears.
Ripple is up over 7% on a daily basis as CoinField Exchange hints massive support.

John Isige FXStreet

Bitcoin has blasted past several key hurdles on Thursday as the bulls welcome the back last the uptrend that was cut short on Monday. As discussed in an earlier published Bitcoin price analysis, the crypto made a sharp recovery towards $7,000 last week. However, it traded a high at $6,800 before the bears took over. BTC/USD broke past the key support at $6,400 before bouncing back up touching $6,350.

The price has been in the green since the opening of the session on Wednesday. Bitcoin has not only broken past the trendline resistance at $6,466.78, it has also extended gains past the critical level at $6,500. In the interim, BTC/USD is flirting with the 50% Fib retracement level between the last high leg of $6,732.68 to a lower leg of $6,350.

Bitcoin bulls must battle to find a support above $6,500 for a recoil path towards $6,600 to be formed. Key hurdles will hinder the movement at $6,550 and at the 100SMA currently at $6,583.02. The current trend is bullish and is likely to continue in the favor of the bulls. BTC/USD is more likely to move upward sideways but if $6,500 fails to hold, $6,450 is highlighted as the next support target.

Bitcoin is simply following in the footsteps of Ripple (XRP), the third largest digital currency in the market. Ripple is up 7% on Wednesday after extending gains beyond $0.50. The asset is said to utilizing the support accorded to it with news that CoinField exchange is considering launching XRP as the base cryptocurrency. Ripple has been in the spotlight in the recent days due to the surge it experienced mid last week from $0.28 to almost hitting $0.7. The digital asset is currently trading at $0.558 while the trend is still strongly bullish.

BTC/USD 1-hour chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.