- Bitcoin drooped below $6,300 before pulling back to test $6,380.
- “Compared to like a year or two years ago, we’re still trading at huge volumes,” Changpeng Zhao.
The market is mostly red on Monday with Bitcoin recording subtle declines. The weekend saw BTC/USD briefly trade below $6,300. The buyers held their ground marginally above $6,280 with the trendline acting as a strong bounce wall.
There was a pullback above $6,300 and extended recovery came close to $6,380. However, the bulls lost momentum resulting in a controlled drop below the 38.2% Fib retracement level between the highs of $6,383.72 and the lows of $6,288.68. Currently, the 50 SMA is offering support at $6.343 while Bitcoin is trading at $6,344.
Marginally above the 38.2% Fib level, he upside is limited by the 15-minutes hourly chart. Further up, the resistance targets are $6,360 and $6,380. BTC/USD must clear this hurdles for a sustain journey above $6,400. In the meantime, as long as the buyers keep the price above the bullish trendline, Bitcoin is likely to resume the uptrend. Besides, there is a support at $6,320 with the primary support area being at $6,200.
Elsewhere, the CEO of the largest cryptocurrency by trading volume, Binance said while speaking in an interview with CNBC that the market according to him is still in a good position. His comments come even as cryptocurrency continue languishing below a year-long trendline. Changpeng Zhao stated:
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business.”
BTC/USD 15-minutes chart
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