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

• 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.

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 23^th 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 $BTC Number of New Addresses (3d MA) increased significantly in the last 24 hours.

Current value is 15,412.306 (up 11.7% from 13,803.542)

View metric:https://t.co/7WO8UHxK1q pic.twitter.com/0JrMyJLHfF

— glassnode alerts (@glassnodealerts) March 26, 2020

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

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