Search ForexCrunch
  • Bitcoin resumes uptrend above $6,400, up more than 3% on daily basis.
  • Bitcoin market dominance hits 52.6% as the bulls return; market capitalization is growing as well.
  • Bitcoin buyers must battle for a support above $6,500 as they gather strength to retest $6,600.

Bitcoin price appears to be finding stability above $6,500. Although it is trading above $6,507, the buyers are intent on reclaiming $6,600. Bitcoin price is has maintained an upward momentum since it recovered from the dip below $6,000. The price has maintained trading above the trend line in spite of the up and down price action since Monday this week.

The largest cryptocurrency, Bitcoin is slowly but steadily experiencing market capitalization growth after it hit rock bottom at $106 billion last week. The market cap is currently at $111 billion. Bitcoin market dominance has also increased in the past one week and currently is at 52.6%; the highest level it has come to in 2018. This means that Bitcoin is comfortably taking up more than half of the crypto market value, which could also mean that it is still the preferred crypto for investment.

Bitcoin recently surged higher in a rebound that has surprised most in the industry, but also welcome after the declines that have seen bulls suffer under the mercy of the bears. BTC/USD trade close to $6,600 before the sellers entered leading to a slide below $6,300. The 50% Fib retracement with a high of $6,634.71 and a low of $65,914.15 (current support) came in handy stopping the declines. The stronger support at $6,200 held its ground as Bitcoin formed a low of $6,208.

At the time of writing Bitcoin has blasted past the stubborn resistance at $6,500. The chart outlook is positive and Bitcoins uptrend seems unstoppable towards the critical $6,600. A support above $6,500 is essential to the buyers as well.

BTC/USD hourly chart