RATE Group | Bulls Get Relief as Bitcoin Price Beats $6.5K Resistance
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Bulls Get Relief as Bitcoin Price Beats $6.5K Resistance

10 Aug Bulls Get Relief as Bitcoin Price Beats $6.5K Resistance

Posted at 06:54h in Bitcoin News by

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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 $235 billion.

As a result, other well-known cryptocurrencies are posting gains. Names like ethereum (ETH), EOS (EOS) and bitcoin cash (BCH) have each appreciated by at least 3% percent over the last 24-hours.

Daily Chart

So, where to for bitcoin? Right now, there are hints if no…

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