Bulls Get Relief as Bitcoin Price Beats $6.5K Resistance

More from: | Coindesk |
0

Bitcoin’s price rose above $6,500 Thursday, offering some respite for the badly battered bulls.

The world’s largest cryptocurrency by market capitalization had fallen to $6,138 Wednesday at 16:00 UTC – its lowest level in 26 days, according to Bitfinex data. Yet, bitcoin’s price was last seen at $6,500, up 5 percent from its most recent low.

What to make of the move? Clearly, investors did not want to miss a small opportunity in the form of a pullback that started August 1 and lasted all of 10 trading days.

Supporting the view is that the broader market has seen an uptick as well, best depicted by the total crypto market capitalization, up $10 billion on the day where its value currently stands at

(...)

Read full article » https://www.coindesk.com/bulls-breath-sigh-of-relief-as-bitcoin-beats-6-5k-resistance/


About | Coindesk |

CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space.

»Twitter: @coindesk »Facebook: @coindesk