Price AnalysisBitcoin

Bitcoin Brings a Ray of Hope in the Market; Wins Back the $6200 Price Mark

  • Bitcoin has finally managed a bullish breakout that is likely to propel a fresh increase in the market
  • BTC surpassed the $6000 price mark yesterday with a firm rebound movement; the much-needed price rise is surely going to push the altcoins towards recovery
  • The price has escalated by more than 21% in a single day; today, the coin is persistent at maintaining a stable outlook
  • Moving averages have shown a positive sign after a long time; stable run above $6700 is a must to sustain the recovery

After the devastating impacts of the ongoing pandemic that is Coronavirus, yesterday was the first day when Bitcoin saw any significant price movement that is positive too. The uptrend is anticipated to infuse some momentum in the rest of the market, too, including altcoins.

While BTC was severely getting hit by bears while it dipped even below $4000, XRP had faced hefty losses below $0.12. At the same time, Ethereum dropped even below $100, and now the altcoin is recovering above $130. Also, XRP is slowly recovering above $0.15.

Bitcoin Price Analysis:

Till yesterday, Bitcoin was in consolidation mode as it kept ranging between 61.80% Fib level to 50% Fib level. The up spike took place yesterday, where the moving averages have formed a bullish crossover.

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BTC/USD Chart By TradingView

Currently, the coin is trading just a little below the 0% Fib level. BTC is consolidating above $6200 from yesterday’s closing hours. RSI and MACD of the coin are in the bullish zone while the coin is looking for more room to trade upside.

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In its 1-day chart, Bollinger bands have opened up suddenly, showing chances of high volatility. BTC is well above the EMA line while it tests resistance above $6500. While most people must have felt relief due to the recent rally of bitcoin price, Coinbase, one of the most influential crypto exchange, puts forward an opinion that the price boost might be ‘temporary.’

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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