- Bitcoin price breaks out of the contracting triangle pattern but struggling at $6,550 while intent on reaching $6,600.
- Both the 50 SMA and the 100 SMA will offer support but $6,450 and $6,400 are stronger support zones.
Bitcoin buyers are intensifying their attack on the bears. They refuse to be mutilated over the reaction to the regulatory (US SEC) decision on Bitcoin exchange-traded funds (ETFs). As reported by FXStreet the SEC had decided to review the recently denied 9 Bitcoin ETF proposals from ProShares, Direxion, and GraniteShares.
The market dominance for Bitcoin continues to rise and currently stands at 53.2%. This means that Bitcoin is taking up over half of the total cryptocurrency market capitalization. Consequently, its market capitalization is $112 billion, up from $109 billion at the close of the session on August 23.
In the meantime, Bitcoin price has broken above the short-term resistance explored in an earlier published analysis at $6,500. The crypto is currently trading above the contracting triangle pattern resistance. It has come near $6,550 but the bulls lack the momentum to retrace above this level hence the current ongoing lower corrections. The buyers are seeking support at $6,520 but the former resistance at $6,500 is a stronger bet.
On the upside, the resistance at $6,550 is limiting retracement to towards $6,600. The supply zone at $6,700 is well within reach but only if the buyers can sustain a break above $6,600.The trend is slightly positive, besides the MACD is ranging in the positive levels, particularly at 19%. There are other support areas; at the hourly 50 SMA and the 100 SMA, $6,450 and $6,400 will be vital for the buyers in the event of an extended decline.
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.