Bitcoin has been trading at near $6,000 after a recent drop below this level. However, the price managed to sustain the bullish momentum despite the impulsive bearish pressure.
Bitcoin climbed above the level close to the $6,000 resistance level recently. A new 2019 high was hit at near $5,965 and afterwards the price corrected lower. There was a sharp dip below the $5,900 level, triggered by the report of 7,000 BTC hack news from the cryptocurrency exchange named Binance. If Bitcoin remains immune to this negative development, it will confirm the formation of a bull market and a definite trend reversal. The long-term prospects for Bitcoin remain unaffected by this incident and it is still trading above the 20-exponential moving average while MACD is currently showing a Bullish Crossover above the Zero line. Though the price is still making corrections under higher volatility, some factors support the bullish evidence for the long run. Nevertheless, investors are still optimistic about the crypto market and further upward pressure is expected.
Intraday view:
SUPPORT: 5,500, 5,850
RESISTANCE: 6,000, 6,300
BIAS: BULLISH
MOMENTUM: VOLATILE
