HomeTodays NewsBitcoin crosses $6,000 mark on major exchanges despite FUD in crypto community
Bitcoin crosses $6,000 mark on major exchanges despite FUD in crypto community
May 9, 2019
Bitcoin reclaimed its $100 billion market cap recently and despite the Binance hack yesterday, the price of Bitcoin crossed the $6,000 mark. The price of Bitcoin at press time was $6078, and it had a market cap of $107 billion.
According to CoinMarketCap, Bitcoin’s price has turned bullish over both, the smaller and larger time frames.
The above is an indication of Bitcoin being on a positive trend since the beginning of 2019. Bitcoin has shown more than a few bullish confirmations, which explain the rally above the $6,000 mark. Bitcoin’s prices in the $6,000 range were last seen on November 14, 2018. However, the prices soon fell by a massive 45% in over 5 days.
BARR Pattern indicates the reversal of a trend. In Bitcoin’s case, it was the end of a downtrend and the start of an uptrend which hopefully, would be a long-term trend.
Is this the “Bull Rally?”
Bitcoin’s price is set to face massive resistance between $6,100 and $6.500, a price range which acted as a support for the prices for almost 3/4th of 2018. Although this rally might seem like the end of the bear market and the start of a bull rally, it can only be confirmed after the prices close above $6,500.