These are the relatively better day for the crypto community across the world, especially for Bitcoin lovers. Last year, the market was nothing but tragedy and but now, the situation seems to be charging. Bitcoin has flexed its muscles and has surged past the resistance level of $6,000 for the first time since December 2018, when the market value of bitcoin was as low as $3,200.
Experts are pretty much interested in this recent change in the crypto market. Everybody’s eyes are on the resistance level of $6,400 to see how the crypto would react at this level of price. Some experts even claim that at this resistance level, Bitcoin prices may pull back which means Bitcoin may start losing its gains after this level. And this might be a good chance to capture the fresh position in the market.
Investors across the world are celebrating as Bitcoin has gone above $6,000 level. Market observers are witnessing the growth of the Bitcoin market since last week and are astonished to see how the Bitcoin prices have climbed from $5,500 to the present price. The first upward spike on the graphs was seen in the month of April when the market suddenly jumped from 4,000 and to $5,000.
Despite the fact that the ongoing positive trend has been helping the market to maintain the bullish graph and grow, experts are not giving investors a free had, and they are still warning the market to take cautious steps as the market, Bitcoin especially may start pulling back.
Experts are predicting that the step where bitcoin might start pulling back will provide the resistance level of $6400, which will be hit by Bitcoin very soon. One known economist named Alex Krüger said
“$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018.”
Many economists and cryptoanalysts are posting different opinions on their respective twitter handles, and the market sentiment is becoming more and more and complicated.
Lucid TA, a popular crypto analyst tweeted a post saying,
“A reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction.”