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.
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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.