Bitcoin Price Recovery In Play If Key Support Holds

2년 전

Bitcoin (BTC) is still in recovery mode, but the bulls must keep prices above key support seen just below $6,500 to maintain momentum, the technical charts indicate.

The cryptocurrency clocked a high of $6,736 on Bitfinex yesterday amid signs of a bear breather. However, bargain hunters were short in supply and prices fell back below $6,600 at 01:00 UTC today. Bitcoin has spent a better part of the last seven hours trading in the narrow range of $6,550 to $6,620.

As of writing, BTC is changing hands at $6,590 – up 7.2 percent from Wednesday's 18-week low of $6,109.

While it is too early to call a bottom, the nascent recovery shows promise, with bitcoin holding well above the former support-turned-resistance of $6,425 (April 1 low).

As per the charts, though, an unexpected break below $6,480 could pour cold water on the optimism and signal a resumption of the sell-off.images.jpeg

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT