- Bitcoin push for gains above $6,300 in spite of the widespread stability.
- Bitcoin trading volume increased considerably; trading activity is rising as well.
- BTC/USD eyes $6,400 but first it must clear the simple moving average resistance.
The volatility in the cryptocurrency market has been ousted following the stability shown by most coins in the past one month. In fact, Fundstrat’s Tom Lee is reported to be “pleasantly surprised” by how Bitcoin and other altcoins have stabilized. Bitcoin dominance is the market currently at $54% with the market capitalization of $110 billion. In the last 24-hour Bitcoin has recorded a trading volume of $4.2 billion, which a considerably growth from October 30 $3.7 billion.
Bitcoin led the other digital assets in a bullish move yesterday. It broke above the range we discussed in the price analysis on October 31. Although the bullish move zoomed past $6,300 forming a high of $6,357, BTC/USD has entered yet another medium term resistance range between $6,500 (upper limit) and $6,289.35 (lower limit).
The crypto is trading at $6,307, likewise, the bulls still have the power to foster growth towards $6,400. Bitcoin must defend the short-term support at $6,300 to avoid sliding into the former range with a support at $6,200. The RSI indicator is sending bullish buy signals on the hourly chart, affirmed by the MACD ranging at +9.6. The MACD has recovered from the dip that had it touch levels -40.86 on Monday this week. On the upside, there is resistance from the 50 SMA and the 100 SMA currently highlighted at $6,362.88.
BTC/USD 1-hour chart
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