Bitcoin (BTC) price is standing to movement higher on March 25 alongside U.S. equities markets, which yesterday saw a historic 11%+ rise on news of a potential multi-trillion-dollar economic stimulus package. This was the single biggest daily rally since 1933.

At press time, BTC price is attempting to establishing a higher foothold at $6,700 while Dow futures and are up over 114 points, co-ordinate to Bloomberg Markets.

The stiff relief rally on March 24 also showed that investors anticipate that the stimulus bundle will assist to stem bleeding markets and restore confidence to investors.

Crypto market daily performance

Crypto market place daily performance. Source: Coin360

Earlier, the toll surged to $half dozen,832, nearly surpassing the previous new daily loftier at $6,905 before spending the remainder of the twenty-four hour period trading in the $6,500 to $6,750 range.

BTC USDT 4-hour chart

BTC USDT 4-60 minutes chart. Source: TradingView

Currently, there is support at $half dozen,500, a bespeak aligned with the ascending trendline merely if the cost falls below the trendline there is back up at $6,451 where the 50% Fibonacci retracement level sits.

At the fourth dimension of writing, the iv-hour chart shows the relative forcefulness index (RSI) remains in bullish territory at 61.

BTC USDT daily chart

BTC USDT daily nautical chart. Source: TradingView

On the daily timeframe, the MACD histogram shows increasing momentum and the Chaikin Money Menstruation oscillator (CMF) is likewise higher up 0 and rising in tandem with the cost. As Bitcoin price works its way toward setting a high higher up $vi,905, the 61.eight% Fibonacci retracement level ($7,088) is likely to be a challenging resistance level to overcome.

If the price tin can push button above this level, traders conceptualize Bitcoin will continue its stair-step design on toward $7,650. For day traders a breakout higher up $vii,685 is probable to run across the price rise to the upper Bollinger Ring arm at $vi,983, or even $7,088.

In the upshot of a reversal that pushes the price beneath $6,450, at that place is likewise strong back up and a loftier volume VPVR node at $half-dozen,200.

Bitcoin daily price chart

Bitcoin daily cost chart. Source: Coin360

Altcoins also posted moderate gains as the Bitcoin price pushed higher toward $7,000. Litecoin (LTC) gained iii.73%, Ether (ETH) added three.16% and Monero (XMR) rallied 7.72% to $47.02.

The overall cryptocurrency market cap now stands at $185.9 billion and Bitcoin'due south dominance rate is 65.6%.

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