Bitcoin (BTC) price perked upwardly today, rallying from $5,688 to a daily high at $6,600. The digital nugget defied the worst fears of analysts by holding to a higher place the $five,400 support and currently Bitcoin continues to evidence growing force in the confront of wilting equities markets.

Interestingly, aureate and silver prices also rallied four.42% and 5.94% as the S&P500 and Dow airtight the day with moderate losses. This could signal that market participants who recently exited their stock positions could exist looking for shelter and growth in shop-of-value assets.

Thus, crypto investors will be closely watching to encounter if Bitcoin'south cost action separates itself from that of traditional markets.

Crypto market daily operation. Source: Coin360

At the time of writing, bulls are defending the $half dozen,400 resistance in gild to secure a daily close above the resistance. For days now, analysts have advised that the $6,400 resistance needs to turn back up and while today's rally to $6,600 is encouraging, traders will be watching to come across if there is enough purchasing book to support the current momentum.

BTC USDT iv-60 minutes nautical chart. Source: TradingView

In the shorter fourth dimension frame traders will note that the moving average convergence divergence (MACD) is in the procedure of converging with the signal line and the histogram is on the verge of turning positive higher up 0.

The relative forcefulness index (RSI) is also climbing into bullish territory and is currently above 61. Gains higher up $half-dozen,455 place Bitcoin cost above the fifty% Fibonacci Retreacement level simply the 61.8% Fib retracement is also expected to function as a level of stiff resistance.

A glance a Bitcon's cost history on the daily timeframe shows that the price consistently encountered resistance at this level when below the 61.8% level and back up at this retracement when trading higher up it.

BTC USDT daily chart. Source: TradingView

Notice that the March twenty rejection at $6,900 is within a hair's reach of the 61.eight% Fibonacci retracement level at $seven,101. From November 27, 2022 until January 3, 2022 the 61.8% Fib level had provided steady support so barring a high volume breakout, it's probable to now role every bit resistance. The volume profile visible range also shows a loftier volume node right at this level.

In the event of a pullback, $6,200 is the nearest underlying back up and below this level $five,800 and $5,500 have proven to be reliable supports. As suggested yesterday, risk balky traders could await for a few 4-hr candle closes above the ascending trendline or a daily close above $6,455.

Bitcoin daily toll chart. Source: Coin360

Altcoins too fared well as Bitcon price found its legs today. Ether (ETH) rallied 5.06% to $131.52, Litecoin (LTC) gained vi.23% to trade at $38.25, and Tezos (XTZ) added 8.05% and currently trades at viii.05%.

The overall cryptocurrency market cap at present stands at $181.9 billion and Bitcoin'southward dominance charge per unit is 64%.

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