Bitcoin Market Price Analysis — April 6


Bitcoin (BTC) has struggled over the past week to break the $60,000 resistance level, all to no avail. As the benchmark cryptocurrency continues to stall below the $60k mark, altcoins have taken charge and have driven the valuation industry higher, thereby causing Bitcoin to lose market dominance.

The altcoin frenzy has seen some large-cap cryptocurrencies break new record high, including Ethereum and Binance Coin, and has triggered a massive spike in Ripple. That said, Bitcoin’s market dominance is currently at 55.5%, a one-year low.

Yesterday’s rally saw XRP surge by about 30% (70.5% over the past seven days). The crypto asset has only doubled down its rally in today’s session and is now on the verge of breaking the $1 round figure. Ripple is currently trading at levels not seen since 2018.

Another big winner in the altcoin frenzy is the BNB, which has by more than 12% today alone and has refreshed its all-time high at $380. Other large-cap gainers include Ethereum (+5%), Polkadot (+5%), Cardano (+3%), Uniswap (+4%), Litecoin (+10%), and Chainlink (+6%).

More gains could be seen in lower-cap crypto assets, including Stacks (103%), Bitcoin Gold (35%), Neo (19%), Tezos (19%), Ethereum Classic (16%), and Huobi Token (12%).

Key BTC Levels to Watch — April 6
Bitcoin continues to stall under the highly-coveted $60k mark after failing to clear the $59k resistance area yesterday. Following the rejection from the $59,500 weekly high, the benchmark cryptocurrency saw a decent rebound off the $58k support and now trades near the $59k resistance.

BTCUSD – Hourly Chart

Yesterday’s rejection from the $59,500 resistance was an attempt by the primary cryptocurrency to take advantage of the emergence of a double-bottom pattern. Nonetheless, a clean break above the $59k resistance over the coming hours could propel BTC above the $60k level.

Meanwhile, our resistance levels are at $58,500, $59,000, and $60,000, and our key support levels are at $57,00, $56,700, and $55,000.

Total Market Capitalization: $1.98 trillion

Bitcoin Market Capitalization: $1.09 trillion

Bitcoin Dominance: 55.5%


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.