Bitcoin Price Hits $6,553 Despite Downward Pressure

Bitcoin Price Hits $6,553 Despite Downward Pressure

On today’s BTC trading trends, BTC price has recouped losses from yesterday’s day of trading where the price closed the day at a low of $6, 407. In a twist of events, BTC broke the $6, 485.20 in the 60 minutes price chart during the second attempt. The bullish trend has continued to gather momentum as the price went on further to breach the $6, 607.20 in the 500 EMA. However, short-term market forces have made the value to retreat to a $6, 553.35.

Bitcoin Breached A Level Of Support Yesterday

bitcoin

BTC prices breached the $6, 444 level of support and went on a brief period of bullish gains to hit $6, 485 as per yesterday’s day of trading. Strong downward pressure on the BTC price forced the price to shed off value to close the trading session for the day at $6, 407.

A level of support is a threshold price that cushions the value of a Digital Asset from a free fall in the absence of external market forces that trigger volatility. In Wednesday’s day of trading, the rule of the thumb was violated as the level of support could not sustain an upswing of BTC value in the trading session.

BTC Forecasts

Currently, BTC is exchanging to the USD at $6, 559.50. This is above the 500 EMA level of support that signified a likely upward momentum for the time being in the prevailing market dynamics. In a bullish trend, BTC price is forecasted to hit $6, 607.20, $6, 630.70, $6, 665.45 and $6, 630.75.

When the momentum takes a bearish trend, the price predictions are expected to be weaker. For instance, BTC will trade at $6, 520.80 and $6, 485.20 on a downside.

The bearish prediction levels indicate the level of support that has an impact of ensuring that BTC prices do not shed of more value. On the other hand, the upper limits are levels of resistance, they symbolize milestones towards future profitability of Bitcoin exchange. Collectively, the levels of support and resistance are trade signals that indicate the direction that the market is likely to take in the short term moving average statistical analysis of the available market data.

External Factors May Influence BTC Trends

External Factors May Influence BTC Trends

One of the most significant concerns to Bitcoin investors is price volatilities. Although the volatility does not always bring bearish trends, they also lead to price gains in some instances. For instance, the recent partnership of Crypto Related Exchange with Ameritrade was largely projected to push the market prices higher, however, the sluggish Bitcoin gain of less than 2.5% after the release of the news indicates that the impact is yet to be felt by the market. This may be an indication that Bitcoin is becoming more stable, but only time can confirm the notion.

Additionally, there filing of Bitmain IPO application in the Hong Kong Stock Exchange and the upcoming determination of BTC ETF application are likely to push the value of BTC upwards. Further, the US SEC has a crypto friendly top-ranking manager who may influence positivism towards Digital Assets.

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