BTC on the rise, signs it could move up to $6,000
17 Mar 2020
Bitcoin is currently increasing and showing positive indications from the $4,350 swing low against the U.S. dollar.
According to a News BTC report, there was a robust double top formation for Bitcoin near the $6,000 resistance against the U.S. dollar on Monday. However, the world’s largest cryptocurrency by market cap remained bearish, falling below the $5,200 and $5,000 support levels.
The price of Bitcoin went on to move under the 100 hourly simple moving average to trade at $4,354.
However, the price is now correcting higher and trading over the $5,000 resistance.
According to News BTC analysis, the current price action is positive, and should there be a successful close over the $5,350 resistance and the 100 hourly simple moving average, the Bitcoin price will potentially move upward.
An initial resistance is approaching the $5,600 resistance mark, over which the price will likely speed up to the $5,980 - $6,000 resistance levels. Additional gains could lead to a test of the principal $6,500 resistance area.
According to a Coin Telegraph report, Bitcoin’s underlying network features show consistency, despite the fact the whole cryptocurrency market is grappling with turmoil and uncertainty fuelled by the coronavirus outbreak.
However, looking to the future, many crypto investors will be seeking opportunities to buy at lower prices, shooting for a positive outcome in the long run.