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Bitcoin Shows Progress Above $5,400 Support

by Monica Padillo

Bitcoin is beginning to show “growing strength” recently as its price held above the $5,400 support and even reached a daily high at $6,600, according to a report by Cointelegraph.

The report noted that traders will continue to watch out for the possibility of having enough purchasing volume even when the $6,600 price is encouraging.

CoinMarketCap data shows that Bitcoin’s is trading at $6,566.13 as of press time.

The price of $6,200 is seen as the nearest underlying support in case a pullback occurs.

Risk averse traders are recommended to anticipate 4-hour candle closes above the ascending trendline or a daily close above $6,455. 

Aside from Bitcoin, cryptocurrencies such as Ethereum, Litecoin, and Tezos saw an increase in prices.

Ethereum is currently trading at $135.45, Litecoin at $38.99, and Tezos at $1.66.

Cointelegraph also showed that the prices of gold and silver rallied 4.42 percent and 5.94 percent as the S&P500 and Dow closed the day with moderate losses.