Bitcoin Once Again Reaches $6000 – How High Can It Go?

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How High Can Bitcoin Go

It took the master of the cryptocurrencies close to six months, but ultimately, Bitcoin made it and reached the $6000 mark! The last time Bitcoin realized a prefix of $6000 was on November 14, 2018.

Over the past 48 hours, ever since we had posted our last updated, Bitcoin kept on to indicate high levels of volatility: The coin documented a low of $5565 just yesterday, but, in today’s early morning the $6000 target was recorded.

At the time of publishing this, Bitcoin reached a high of $5970 (Bitstamp) and swiftly got rejected. As of now, the coin is trading around $5880.

As mentioned earlier, the $5700– $6000 area should be representing a tough resistance for Bitcoin. Having said that, almost anything is possible in crypto, including daily 2-digit gains and losses for Bitcoin.

Total Market Cap: $188 Billion

Bitcoin Market Cap: $104.9 Billion

BTC Dominance: 55.8%

Looking at the 1-day & 4-hour charts

– Support/Resistance: Currently, Bitcoin is inside the perimeters of the $5700– $5800 region. This can quickly emerge as a false breakout. On the other hand, in case Bitcoin holds here, the next (weak) resistance lies at current prices of $5900, prior to reaching the $6000 zone. Further resistance lies at $6200– $6250 and $6400. From below, the $5700 is the closest resistance turned support area. Below lie $5625 and $5500 levels. Further below is the $5300– $5350 significant support zone.

— Trading Volume: shown below is the last 6-month daily volume within the top crypto exchanges. As can be seen, other than the beginning of April, the recent days were not followed by the amount of volume I would expect for a breakout.

BTC Trading VolumeSource: data.bitcoinity.org

– Daily chart’s RSI: As a result of retesting the 70 RSI level as support, the RSI had turned bullish and now facing 74 as resistance. We are going to remind here the negative divergence in the daily chart’s RSI, that could without trouble turn into a bearish sign for the mid or long-term. Besides, Stochastic RSI oscillator is about to produce a cross-over in the overbought territory. The last suggest that a correction is coming in the next days.

— BitFinex open short positions: BTC short positions had recorded their monthly high of 31.8 K BTC of open positions.

BTC/USD BitStamp 4-Hour Chart

BTC Trading Chart 1

BTC/USD BitStamp 1-Day Chart

BTC Trading Chart 2

The post After 6-Month Bitcoin Price Had Reached $6000 (Again): How High Can BTC Climb From Here? appeared first on CryptoPotato.

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