Perhaps due to some more positive news, the market is starting to feel like it is beginning to step up again. Having defended $6,000 last week, Bitcoin (BTC) appears to be building momentum for a price rise.
Several technical analysis experts have done a good job of analyzing the general direction of the price of Bitcoin in the coming months. But it seems that the news announcements with regard to institutional money appeared poised to flow into the cryptocurrency market has had a positive effect on the sentiment of the markets.
Bitcoin is surging higher today and all the coins from the top 10 coins by 24-hour volume posted a positive change, ranging from 1.7% to 8.5%. The market capitalization has risen to 270.8 Billion and 24 hour volume at 14.6 Billion.
Yesterday the price rose up from $6300 and broke a key barrier. Then it surged above the $6380 and $6600 resistance levels. After hitting the resistance, it went for $6700. Bitcoin (BTC) has now been consolidating on the $6700 level and trending upwards with supports near $6600 and $6540 on the downside. On the upside, a break above the $6750 high could set the path for a move towards $7000.
If there is a downside movement today, the price may get stuck at the $6600 support.
Looking at the 4 hour chart, the MACD is getting upside to the bullish zone. The yellow SRSI is turned up and above 80. The green RSI is turned up and beautifully snug above 50. Money Flow Index is also turning up and correcting from the overbought levels.