Real Time Cryptocurrency News & Analysis

Bitcoin price (BTC/USD) finds stiff resistance around the $6,600 barrier

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The Bitcoin price (BTC/USD) has seemingly stabilised above the $6,500 level, but it hasn’t been able to put the next major barrier under significant pressure.

The original cryptocurrency enjoyed a strong start to yesterday’s session, with its price surging in early trading to retake the $6,500 level. This price jump put the virtual coin in a position to test the $6,600 mark, but it failed to capitalise on this opportunity. While the coin did move above the barrier on a couple of occasions, including one in late trading, when it hit an intraday high of $6,603.31, it ultimately had to settle for a finish below that level. Still, its close of $6,576.69 was well above its opening price of $6,497.91.

Bitcoin made another attempt to break above the $6,600 mark in today’s early trading, with its price hitting $6,609.81, a three-day high. However, just like yesterday, stiff resistance at those levels forced the Bitcoin price to pull back. At the time of writing, the price was hovering around $6,580, according to data from digital currency tracker Coinmarketcap.

In other Bitcoin-related news, a recent poll conducted by Fundstrat’s head of research Tom Lee has indicated that institutions have grown more bullish on the flagship digital currency. According to a CNBC report, Lee polled 25 institutions during a recent dinner and their responses showed that 54% of the participants in the survey believed that the Bitcoin price had already bottomed. In addition, 57% of respondents said that Bitcoin would rise anywhere from $15,000 to "the moon" by the end of next year.

Lee compared these results to the responses in a Twitter poll that attracted 9,500 respondents. Interestingly, the Twitter users were significantly more sceptical, with some 44% of respondents saying that Bitcoin had already reached a bottom. At the same time, only 40% shared the same bullish sentiment regarding the price movement.

In today’s trading, the Bitcoin price stood at $6,572.94, as of 08:55 BST. The digital coin has lost 0.2% in the past 24 hours. Its total market capitalisation currently stands at $113.7 billion, which represents 52.1% of the combined value of all digital coins.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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