Bitcoin Price Analysis: Will Sustainability Over $6600 Provide Bullish Momentum?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Bitcoin Price Today has finally sustained on the price mark of $6600 for the second consecutive day.
  • Bitcoin’s current price now is at the level of $6640.
  • The bulls are providing the largest crypto asset positive momentum in the market and able to cross above $7k mark.

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Source: Coin360

On a 7day-weekly chart, Bitcoin started with a support level of $6000. However, it gained significant negative momentum and had a closing of $5,800 on March 23th 2020. The closing price acted as a major support level which indicated that BTC will attempt to cross the crucial level of $6k. The bulls performed as expected and in the next day’s market, BTC was successful in crossing $6k mark.

It is expected that the bulls for BTC are for a longer duration as it is able to sustain the mark in today’s market. The current price of BTC is $6642.58 with a positive movement of 0.08%. The market capitalization is $121,331,572,752 with volume traded of $35,072,848,934.  The current circulating supply is 18,289,625 BTC. The market dominance for BTC in the crypto market remains at 65.50%.

Glassnode shows a significant increase in BTC addresses

Bitcoin Addresses are basically a virtual location that acts as a unique identifier where the cryptocurrency can be sent. The above-mentioned graph shows that there has been a significant increase of 11.7% in BTC addresses. This may help to provide a more positive volume for BTC in the crypto market.

Bitcoin (BTC) Price Analysis

Screenshot (121)
Source: Tradingview

The MACD levels have reached a bullish zone, which is a positive sign for BTC bulls. The 24hour-RSI is reaching at the neutral level of 50. However, RSI is showing down-trending signs and may touch the level of 40. The 24hour-CCI nearly touched the overbought region but had negative divergence to remain in the normal region.

Overall, If Bitcoin is able to cross the price level above $7k mark and with the positive movement it is able to cross another crucial level of $7500, we can see the largest cryptocurrency in the world to cross again the major level of $8K.

Resistance Levels: $6800
Support Levels: $6500 & $6200

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