Bitcoin’s rebound from the five-week low of $6,100 has saved the day for the bulls and kept range-bound trading conditions intact.
Bitcoin has again entered range-bound trading following a defense of $6,200 yesterday.
XRP is reporting double-digit gains today, despite a generally bearish trend across the wider crypto markets.
Bitcoin’s drop to $6,200 on Monday has increased the odds of a move toward key support below $6,000.
Bitcoin’s corrective rally seems to have stalled around $6,550, making it a key level to beat for the bulls.
The prospect of Tezos’ official launch Monday has revved up investor interest in the project’s XTZ token, pushing prices up 30% in a week.
Despite a $200 pullback from eight-day highs today, bitcoin’s recovery looks intact on technical charts.
Having found acceptance above the key hurdle of $6,400, bitcoin’s corrective rally looks to be gathering pace.
Ethereum traders continue to load up on short positions, having pushed the cryptocurrency lower by more than 30 percent in the last seven days.
Bitcoin could be in for a decent corrective rally if prices find acceptance above the key resistance of $6,400.