Bitcoin adds 1.88% on the day following a Ripple driven market recovery.
The path of least resistance is upwards but a support at $6,350 will be very instrumental.
Bitcoin has corrected higher above the resistance we explored in the previous analysis at 6,284. There was a nice bullish movement from the support at $6,200 as buyers explored a window after the selling activity that started at the beginning of the session on Monday.
Consequently, the struggle at $6,275 slowed down the bullish momentum. However, the bulls increased their grip on the market using the hype surrounding Ripple (XRP) which has surged over 21% on Tuesday following the news that the network’s xRapid solution is going live in a month.
Currently, Bitcoin is trading at $6,360 although, it has corrected higher and exchanged slightly beyond $6,375. The trend is still in the favor of the bulls who have eyes on $6,400 in the near-term.
Bitcoin must keep the support at $6,350; this will allow the buyers to gather momentum for another journey above $6,400 and in the long run $6,500. Technical levels are positive at the time of press and Bitcoin is unlikely to drop towards $6,300. An upward swing above $6,300 is still probable especially if the buyers can increase their grip on the price.
