Bitcoin Market Price Analysis — April 6

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%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.