Bitcoin prices moves upwards to $6,700
25 Mar 2020
The price of Bitcoin continued to move higher on Wednesday, along with U.S. equities markets, which rose 11% on Tuesday on the announcement of a possible multi-trillion-dollar economic stimulus package.
Bitcoin is attempting to gain a higher foothold at $6,700, Bloomberg Markets reports, while Dow futures are up over 114 points.
The robust rally also revealed investors forecast the stimulus package will help to restore confidence.
Previously, the price of Bitcoin rose to $6,832, almost surpassing the past daily high of $6,905, before trading for the rest of the day between $6,500 to $6,750, Cointelegraph reports.
As it stands, there is support at $6,500, a point in line with the upward trendline. However, should the price fall under the trendline there is support at $6,451, the point where the 50% Fibonacci retracement level is.
The 4-hour chart, at the time of writing, shows the relative strength index remaining in bullish territory at 61.
In addition, altcoins posted moderate gains, as the Bitcoin price moved higher towards the $7,000-mark. News BTC reports that the next key resistance is nearing the $7,000 level, above which the price will potentially increase towards $7,200. Any additional upsides could result in the price moving towards the $7,500 and $7,550 resistance levels in the near term.
According to a Cointelegraph report, Litecoin gained 3.73%, Ether added 3.16% and Monero gained 7.72% to $47.02.
The overall crypto market cap is now at $185.9 billion, with Bitcoin’s dominance rate at 65.6%.