Investors Celebrate as Bitcoin (BTC) Breaks Above $6,000
The bitcoin price has increased by more than five percent in the past 24 hours from around $5,800 to $6,098, breaking out of the $6,000 resistance level for the first time in 2019.
Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pullback that could offer a good entry point for fresh long positions.
Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 regions and into the $5,000 region.
Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before “fomo-ing” into the crypto, as a retrace may be inevitable.
A Pullback May Ensue After BTC Hits $6,400
As for what price level may spark the next retrace, there is a general consensus amongst analysts that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.
As the week drags on, analysts and traders alike will be closely watching to see whether or not Bitcoin is able to find stability above $6,000, which may allow it to surge higher before it hits any region of significant resistance.