RATE Group | Bitcoin Back Above $7K as a Higher Low Can Spark an Explosive Move
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Bitcoin Back Above $7K as a Higher Low Can Spark an Explosive Move

03 Jan Bitcoin Back Above $7K as a Higher Low Can Spark an Explosive Move

Posted at 19:44h in Bitcoin News by

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Bitcoin (BTC) bounced back from an early morning sell-off, reaching highs for the day of $7,375, a swing of 7.5% from the lows of $6,854.

Other major cryptocurrencies also made similar moves in price, with Ether (ETH) regaining $130 having traded as low as $125.50 and XRP reclaiming $0.19 having previously traded at $0.185.

Bitcoin dominance remains above 68% and looks like it’s on its way to grab 70% of the market share of the total cryptocurrency market capitalization.

Cryptocurrency market 24-hour view. Source: Coin360

Cryptocurrency market 24-hour view. Source: Coin360

Bitcoin Dominance Chart. Source: Coin Market Cap

Bitcoin Dominance Chart. Source: Coin Market Cap

4-hour chart

The 4-hour chart shows Bitcoin having had a large bounce from $6,850, completely engulfing the previous day’s bearish price action sending Bitcoin below $7,000. The move higher meant reclaiming the point of control, which has been acting as an area of support and resistance.

Bitcoin price action remains with a diagonal resistance on lower time frames, which has led to the testing of the $6,000s. So far,…

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