- Global market capitalization on the rise to mark the bullish trend, but trading volume declines slightly.
- Bitcoin price key resistance is at $7,600, a break above this could open the way for gains towards $7,800.
The cryptocurrency market is in the green on Thursday with most of the digital assets recording gains. The total market capitalization has gone up by over $11 billion from $319 billion to $330 billion according to CoinMarketCap. The global trading volume has however declined slightly from $16.3 billion traded on May 30 to $15.7 billion at the time of writing.
Bitcoin price analysis
Bitcoin price is currently trading at $7,536, while it is forming another bullish flag pattern. The price tested the resistance at $7,600 at the opening of the session today but corrected lower instead finding a short-term support at $7,530. Bitcoin price will correct lower, and test another support area $7,500 before gaining momentum to attack $7,600 again. A break past they key resistance ($7,600) will open the gate for more gains towards the next key resistance at $7,800. On the downside, $7,500 is a good entry position but the best buy zone is at the recent bottom around $7,350.
Ethereum price, on one hand, is up 2.14% on the day, while it is exchanging marginally above $570. The crypto tested $580 but lacked the momentum to breach the resistance. On the other hand, Ripple price is also correcting slightly higher above $0.60. It is up a subtle 1% while its upside has been capped at $0.62. Read more here.
BTC/USD 15′ chart
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