Bitcoin price has started its sideways trading trend again after a beautiful rise from the resistance range at $6,400. The price tested $6,530 to the upside after correcting above $6,500 at the close of the trading session on Tuesday. However, the bulls ran out of steam hence the drop that has found a support at $6,490.
The 50 SMA (15-minutes) is currently limiting gains at $6,507. A couple of other significant resistance zones are present at $6,520 and $6,530. As mentioned before, BTC/USD has established a support at $6,490. In addition to that, the 100 SMA is positioned to offer support at $6,472.2 on the same chart.
The MACD is currently ranging at the mean line after slopping down from 29.24. The fast stochastic oscillator confirms that presence of the bears in the market with a drop heading into the oversold region. Bitcoin bulls must continue to hold tight at $6,500 and stop losses heading in the direction of the short-term support. A correction above $6,530 will open the door for gains above $6,600. As discussed in another Bitcoin story published by FXStreet, the asset is headed for $6,700 in the medium-term in preparation for a swing above $7,000.
Elsewhere, the cryptocurrency market trading volume has been rising in tandem with the bullish trend in the market. The volume was at $10 billion three days ago has increased exponentially above $13 billion. The king of cryptocurrencies, Bitcoin has seen a rise in the trading volume from $3.1 billion to the current $5 billion. Other cryptos that have contributed significantly include, Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM) and Cardano (ADA) among others.
