The cryptocurrency market has been maintaining less and less strength for continued growth despite the fact that most of the top 10 coins are in the green zone.
However, a slight bounce back has influenced the total market cap, which has increased by around $3 Bln since yesterday.
The relevant data for Bitcoin is below.
Market Cap: $117 926 694 477
Volume (24h): $35 955 339 080
Change (24h): 1.98%
The data is relevant at press time.
BTC/USD: Any chances left of conquering $7,000?
Bitcoin (BTC), on the 4H timeframe, has continued moving in a range ($5,800- $6,900). After the March 29 decline, one has confirmed the lower border (support) of this range near the $5,800- $5,900 zone.
The main resistance is at around $6,620. The main and key support is also around the $6,100- $6,250 marks. Using the volume profile, you can more accurately see it at the $6,170 - $6,190 level.
On the daily timeframe, the decline was absorbed immediately in 2 days (March 28 and 29). While the price is trading above $5,900- $6,100, there are chances of continued growth and a test at the $6,900 - $ 7,100 level again.
The longer the price stays in the $5,800- $6,900 range, the greater the likelihood of an accumulation phase. In this case, one can predict a price increase to $8,500 in the medium term. For this, Bitcoin (BTC) needs to trade above $5,100 so as not to break the main trend.
Bitcoin is trading at $6,429 at press time.
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