How High BTC Price May Reach, If $6.4K Becomes New Support?

Suzat

March 20, 2020 3:07 pm

How High BTC Price May Reach, If $6.4K Becomes New Support?
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Bitcoin (BTC) traders now seem intent on pushing the price higher to $7,200, BTC returned from 21.6% to a new high at $6,375.

On March 13, the digital asset has made a remarkable 66% recovery since falling to $3,775, and the majority of altcoins are also indenting double-digit gains. But how much longer can the current rally last?


Coins and Tokens daily performance. Source: Coin360

BTC created a bullish “three white soldiers” candlestick chart and traders pushed the price slightly above the $6,300 resistance to $6,375, After breaking above the pennant trendline at $5,600.

At the point of writing the price is trading in the $6,170 to $6,250 zone as traders strive to hold this level to grab $6,300. At that time, there are a few situations that could work out.

The current scale could hold as assistance as the price incorporates here until an increase in force and volume accelerate the price over $6,300 and $6,400. Alternatively, BTC could leave the current range and fall to retest $5,900, $5,500 and $5,380.

If bulls can flip the $6,300-$6,400 area to help, then traders could stomp toward $7,200, although earlier price history shows $6,600 and $6,800 could be areas of protection.

Meanwhile, traders should keep an eye on trading volume as the U.S. trading session for traditional markets opens on Friday and crypto traders log onto their accounts.


Bitcoin daily price chart. Source: Coin360

Alike Bitcoin, numerous altcoins have held on to the double digits achieved during the relief rally that happened on March 19.  XRP gained 11.11%, carrying the price to $0.16. Litecoin (LTC) revived 13.67% to trade at $39.14, and Binance Coin (BNB) scored 18.04%.

The overall cryptocurrency market cap now reaches $174.9 billion and Bitcoin’s dominance price is 64.7%.

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