Bitcoin managed to surge higher above $6,000 which is viewed as a milestone price level since the price broke below it making a correctional decline.
Thanks to top two heavyweights, total capitalization of the cryptomarket reached a new 2019 high, just shy of $190 billion. A further $9 billion has entered the space over the past 24 hours and key resistance levels have been broken. Bitcoin touched a new yearly high of $6,000 a couple of hours ago. This is its highest price for almost half a year before the big dump in November. The 4 percent surge on the day has lifted BTC market cap to $105 billion as a volume has pumped to $17 billion. There is a huge amount of resistance at $6k, so a pullback is expected.
According to reports, the money is currently flowing into the crypto market whereas the total cryptomarket capitalization surged to 2019 high. So, Bitcoin being the flagship of the market managed to break above the key price level of $6,000.
Currently the price is trading at near $6,000 while also being held by the dynamic level of 20 EMA as support. Though certain bearish pressure is forming now with certain corrections and volatility along the way, the price is expected to jump higher towards $6,300 and later towards $6,500 resistance area in the coming days.
SUPPORT: 5,500, 5,850, 6,000
RESISTANCE: 6,300, 6,500
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
