RATE Group | Still Below $6500 As Market Recovers
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Still Below $6500 As Market Recovers

20 Aug Still Below $6500 As Market Recovers

Posted at 09:58h in Bitcoin News by

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From the recent low to around $190B on August 14. the cryptocurrency market cap evaluation has been steadily recovering and is currently at around $216B which is 26 billion dollar recovery in 6 days. Even though the market recovers the price of Bitcoin has been hovering around the same levels failing to break the $6500 resistance level.

Bitcoin Price

As you can see from August 10 when the price of Bitcoin fell from $6711 to $6277 the price hasn’t gone much further. Actually, the $6500 resistance is merely psychological level, true resistance is at the $6876 which can be seen more clearly if we zoom out this daily chart. As the price of Bitcoin hasn’t still gone above the mentioned resistance levels we are going to see how much further can the market recover and how much further can the price of Bitcoin go up with it.

Technical Analysis

First, let’s remind ourselves on the current market context. 

As you can see from the global chart the evaluation is currently stuck below the…

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