- Bitcoin has revamped the trend above $6,400 adding 1.77% on the day.
- All eyes are set on $6,500 in the near-term but the buyers must be ready to defend $6,400.
It is the turn for Bitcoin bulls to turn tables and increase their dominance in the market. The buyers have been suffering under the bear pressure since the first week of September. The declines at the beginning of this week threatened to test the lows in August but Bitcoin defended the support at $6,100 and kept $6,000 at bay. BTC/USD has corrected higher 1.77% on Thursday while the current bullish trend could very well test $6,500 in the near-term.
The break above the range limit at $6,400 discussed in the previous price analyses has triggered a spike. Regulation news has been at peak this week, however, Bitcoin remained unbothered by either the positive news or the negative news. The UK Financial Conduct Authority said that it will not rule out the role of blockchain and cryptocurrencies in the financial system. However, the authority emphasized that it will continue studying the market while at the same time, making investors aware of the risks. The U.S. SEC, on the other hand, has increased its grip on the market and is purging the space to get rid of products that violate the securities law.
Bitcoin is trading at $6,445 at the time of press while the trend that is prevailing is strongly bullish. The price made a comeback at the opening of the session by lusting through the stubborn resistance at $6,400. There was a dip below the same level in the Asian trading hours but a support above $6,370 stood its ground. The next resistance target is at $6,480, although all eyes are on $6,500. There are at least three support zones above $6,000; at $6,280, 6,240 and $6,160.
BTC/USD hourly chart
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