Bitcoin price yesterday made fresh two week highs but failed to hold the gains and retreated but still keeps the rebound from recent lows alive. The rebound from March 2019 lows added over 90% to the bitcoin valuation. Markets are trying to stabilize after the recent turbulence amid the coronavirus crisis. Investors returning to risky assets looking for bargains as the valuations have hit multi-year lows.
Bitcoin has lost over 60% of its value since the February highs.
Most of the cryptocurrencies are lower today. Ethereum (ETHUSD) is 1.24% lower at 134.73, Litecoin (LTCUSD) is 0.82% lower at $38.93 while Ripple (XRPUSD) is 0.98% lower at 0.1604.
Bitcoin price is 1.54% lower at $6,589 in a correction from two-week highs that for now will not impose a risk for moe downside pressure s long as the bitcoin price trades above the 6,500 mark. The technical picture is still bearish despite the recent rebound. BTCUSD needs to break above the 7,000 mark to enhance the recent bounce.
On the upside, initial support for BTCUSD will be met at $6570 the daily low. If bitcoin breaks below, the next support stands at $5,702 the low from March 23th trading session. Next support zone stands at $5,290 the low from March 19th.
On the other side, the first resistance for bitcoin stands at $6,798 the daily high. More offers will be met at $6,983 the high from yesterday’s trading session. The next resistance for BTCUSD stands at $7,955 the high from March 12th.