The market capitalization of cryptocurrencies reached $ 300 billion but Bitcoin's dominance decreased by 6% compared to the beginning of the year

The price of Bitcoin (BTC) is continuing to rise higher on March 25 along with the US stock market, which has witnessed an historical increase of more than 11% thanks to the Fed's multi-trillion dollar stimulus package. This is the largest daily increase since 1933.

At the time of writing, the BTC price is attempting to surpass $ 6,700 while the Dow Jones Futures has risen more than 114 points, according to Bloomberg Markets.

The strong relief rally on March 24 also showed that investors are anticipating that the stimulus package from the Fed will help prevent the market from continuing to bleed and restore investors' confidence.

Daily crypto market performance. Source: Coin360
Daily crypto market performance. Source: Coin360

Earlier, the price had risen to $ 6,832 – almost surpassing the nearest daily high of $ 6,905 before trading in the range of $ 6,500 to $ 6,750 for the rest of the day.

4-hour chart of BTC / USDT. Source: TradingView
4-hour chart of BTC / USDT. Source: TradingView

Currently, BTC is having support at $ 6,500 – a point in line with the uptrend line, but if the price falls below the trend line it is still supported at $ 6,451 – the residence of the 50% Fib retracement level. .

At the time of writing, the 4-hour chart shows that the relative strength index (RSI) is still in the bullish zone at 61.

Daily chart of BTC / USDT. Source: TradingView
Daily chart of BTC / USDT. Source: TradingView

On the daily time frame, the MACD histogram shows an upward momentum and the Chaikin Cash Flow (CMF) indicator is also above zero and up with the price. When the Bitcoin price moves in the direction of establishing a high above $ 6,905, the 61.8% Fib retracement level ($ 7,088) could be a stiff resistance.

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If BTC can push prices above this level, traders will expect Bitcoin to continue the ladder pattern towards $ 7,650. For the intraday traders, a breakout above $ 7,685 will likely see the Bollinger band rising above the mark at $ 6,983, or even $ 7,088.

In case of a reversal – pushing the price below $ 6,450, there is also strong support and a high volume VPVR node at $ 6,200.

Altcoin is also recording moderate profits as the Bitcoin price rises higher towards $ 7,000. Litecoin (LTC) increased by 3.73%, Ether (ETH) increased by 3.16% and Monero (XMR) increased by 7.72% to USD 47.02.

The total market capitalization of cryptocurrencies is currently at $ 185.9 billion with Bitcoin's dominance rate reaching 65.6%.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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