Bitcoin Bulls Push BTC To $6400+, Further Price Increase Is Possible

The worlds #1 cryptocurrency based on market capitalization is on the rise again, eliminating the negative impact on last week’s price losses. Other cryptocurrencies, however, did not follow Bitcoin’s path and global leaders such as Ripple (XRP) and Binance Coin (BNB) lost some of their ground.

The 58-percent dominant has been struggling with finding support zones at around $5,700, but following support on $5,800 on May 8th, Bitcoin is constantly making gains, reaching $6,300 as of press time. The price increase gave Bitcoin a ten-percent spike over past week’s prices

Bulls are setting in, data shows. Strong support zones are forming at $6100, $6000 and $5800. Resistance is minimal so that Bitcoin HODLers can expect a further round of price increase.

The rise in trading volumes also indicates a possible price increase. More than $18,5 billion worth of Bitcoin is shifted over the past 24-hour time span.

Bitcoin’s dominance is also increasing, weakening the positions on altcoins. Ethereum is up 3,70 percent from last week to trade at $171,97 as of press time. Other altcoins are in the red – Ripple lost 3,7% to trade at $0.297, Stellar (XLM) dropped 10 percent in the past seven days to be now traded at $0.98. One of the big losers is Tezos (XTZ) – the coin lost 13 percent of its price during the past week, now trading at $1.13.