Bitcoin has always been a hot topic in the cryptocurrency market, and recently $6,400 has been considered to be a new support level, which has attracted widespread market attention. If this price stabilizes, what will be the future trend of Bitcoin? Let’s dig into it.

In the cryptocurrency market, key support levels often carry important technical signals and market sentiment. When the price of $6,400 was regarded by many as a new support level, market participants began to think about the possible upside of Bitcoin. This is not just a change in numbers, but a shift in market confidence and trends. Let’s take a look at how much higher Bitcoin might rise if this support level holds.

First, to understand the potential upside if $6,400 becomes the new Bitcoin support level, we need to look back at Bitcoin’s historical performance. Bitcoin has experienced many sharp rises and falls in the past few years, but each rise is often accompanied by increased market confidence and investors' renewed understanding of the potential of digital currencies. If this support level is established, Bitcoin is expected to usher in a new upward cycle.

Secondly, from a technical analysis perspective, the establishment of $6,400 as a support level will inject new impetus into Bitcoin price trends. Technical analysis believes that the establishment of support levels means that there is a large amount of buying support in the market, which will help prices stabilize and gradually rise. This technical change will attract more investors' attention, thereby driving up the price of Bitcoin.

In addition, the global economic situation and political environment will also have an impact on Bitcoin prices. As global trade tensions escalate, some investors begin to seek safe-haven assets, and Bitcoin, as a decentralized digital asset, has certain safe-haven properties. If market confidence in traditional assets declines, Bitcoin is expected to benefit from inflows, driving prices higher.

In addition, with the continuous development of blockchain technology and the expansion of application scenarios, Bitcoin, as one of the earliest blockchain projects, is gradually being recognized by the market for its potential. More and more institutions and businesses are beginning to accept Bitcoin payments, and the scarcity and decentralization features of Bitcoin are also attracting the attention of more investors. If $6,400 becomes a new support level, it will lay the foundation for a rise in Bitcoin price.

To sum up, if $6,400 becomes the new Bitcoin support level, Bitcoin is expected to usher in a wave of rising tide. Historical performance, technical analysis, the global economic environment, and the development of blockchain technology have all provided support for Bitcoin's rise. Investors need to pay close attention to market dynamics and seize opportunities to obtain more profits. The future of Bitcoin is full of infinite possibilities. Let us wait and see and witness the glorious moment of digital currency.

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Bitcoin prices rebounded above $6,000 and hit their highest levels since a record 50% plunge last week amid concerns over the coronavirus.

Bitcoin (BTC) traders appear intent on pushing the currency higher to $7,200 after pushing it up 21.6% to a new seven-day high of $6,375.

Since dropping to $3,775 on March 13, the digital asset has racked up an impressive 66% gain, while most altcoins have also posted double-digit gains. But how long can the current rally last?

Crypto market daily performance. Source: Coin360

After Bitcoin broke above the sideways trendline at $5,600, a bullish three white soldiers candlestick pattern formed, with traders pushing Bitcoin’s $6,300 resistance slightly upward to $6,375.

At press time, the price was trading within a range of $6,170 to $6,250, with traders trying to hold this level against the $6,300 challenge. At this point, some situations may occur.

The current price range can serve as support as prices here consolidate and bottom until upward momentum and volume push prices above $6,300 and $6,400. Alternatively, Bitcoin could once again lose its gains and retest the $5,900, $5,500, and $5,380 levels on the downside.

As mentioned in the previous analysis, if the bulls are able to turn the $6300-6400 area into a support zone, then traders may attack towards $7200, although the previous historical price curve shows that $6600 and $6800 may be the Resistance area.

BTC USDT 1 hour chart. Source: TradingView

The shorter time frame chart suggests that price may need to pull back to find support before continuing higher, but the daily chart shows that the moving average convergence and divergence index is close to the rising signal line, and the histogram is quickly approaching 0. The relative strength index is also heading towards The 40 o'clock position is pulled higher.

BTC USD daily chart. Source: TradingView

Yesterday’s rise to $6,375 took the price above the Bollinger Bands indicator’s moving average (20-MA), while the absence of significant selling order pressure within the visible range on the volume profile suggests that above $6,375, the price may be Pushed higher to $7,200.

For now, traders should keep a close eye on volume changes as cryptocurrency traders may make moves when traditional U.S. market trading opens on Friday.

Bitcoin daily price chart. Source: Coin360

Similar to Bitcoin, many altcoins maintained double-digit gains during the March 19 rally. XRP rose 11.11% to $0.16. Litecoin (LTC) rose 13.67% to close at $39.14, and Bitcoin (BNB) rose 18.04%.

Currently, the total market capitalization of cryptocurrencies is $174.9 billion, with Bitcoin’s dominance rate being 64.7%.