The bitcoin price stabilized Wednesday following a nearly 6% plunge earlier in week. The largest cryptocurrency by market cap has spent the majority of the trading session above $6,400, a level that proved difficult to penetrate following the most recent bear cycle.
More importantly, bitcoin is trading well above the psychologically important $6,000 support. Defense of this level in the coming days could ensure that the scale does not tip in favor of the bears.
Beyond this point, BTC shows no immediate threat of re-testing last month’s swing low of around $5,760.
At last check, BTC/USD was hovering around $6,410, where it was virtually unchanged compared with 24 hours earlier.