Bitcoin Price Recovers Yesterday’s Loses, Positive Bias Above $6,000

bitcoin price BTCUSD
bitcoin BTCUSD

Bitcoin price sharply higher today after yesterday’s heavy loses and regain above the $6,000 mark as buyers stepped into the weekly lows and drove the price up to $6,200 level. The upward move today keeps alive the rebound from March 2019 lows. Stock and bond markets are trying to stabilize after the recent sell-off amid the coronavirus crisis. Central banks and governments intervene in the markets with monetary and fiscal measures in an attempt to combat the coronavirus outbreak.
All the major digital assets are trading higher today. Ethereum is 5.14% higher at $130.99, Litecoin (LTCUSD) is 4.02% higher at $38.57 while Ripple (XRPUSD) is 6.10% higher at $0.1725.

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Bitcoin Price Technical Evaluation

Bitcoin price is 7.08% higher at $6,292 as the price rebounds from weekly lows in an attempt to restore the recent bullish momentum. The technical outlook is bearish, but if bitcoin manages to hold above the $6,000 mark might allow another leg higher.  

On the upside, the first resistance for bitcoin stands at $6,349 the daily high. More offers will be met at $6,875 the high from March 27th trading session. The next hurdle for BTCUSD stands at $6,990 the high from March 252th. 

On the other hand, first support for bitcoin will be met at $5,856 the daily low. If BTCUSD breaks below, the next support stands at $5,681 the low from March 23th trading session. Next support zone stands at $5,290 the low from March 19th.   

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