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David Ogden
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David Ogden   My Press Releases

Bitcoin [BTC] Breaches $6000 - Time for a Pullback or Locking New Targets?

Published on 5/9/2019
For additional information  Click Here

Bitcoin [BTC] Breaches $6000 - Time for a Pullback or Locking New Targets?

Bitcoin finally breached $6000 on 9th May 2019. The momentum toward Bitcoin [BTC] was high this week as it held above the $5700 mark. Moreover, it was barely affected by the Binance hack, which affected one of the largest cryptocurrency Exchanges in the world.

The price of Bitcoin [BTC] at 3: 40 Hours UTC on 9th May 2019 is $6060. It is trading 3.34% higher on a daily scale. The ‘bull run’ as expected might have begun as Bitcoin is closing near two times the bottom (near $3150) price. The dominance of Bitcoin over the cryptocurrency market is 56.8% and the total market capitalization is above $107 billion.

BTC/USD 1-Day chart on Coinbase (TradingView)

Should We Expect a Pullback?

While a strong buying momentum is built up, making traders apprehensive of the next bull run, some bears maintained their stance. Tone Vays, a leading trade analyst on Bitcoin is expecting a “pullback.” He said,

“We’ve not had any significant pull back in bitcoin for a long time.”

The bear case from here according to Tone Vays’ analysis was based on sequential on a daily chart which reached a high at $5974. He also asserted that the ‘probability of a pullback has increased’ now. Nevertheless, he also predicted that a sequential 1 and 2 above the 9 would set up for another leg up with targets near $6150.

 

Overall the total capitalization of the cryptocurrency market increased roughly by $5.4 billion during today’s rally to where it now stands now at a value of $189.1 billion. Indeed, the value of the broader market is making substantial progress in recouping the losses endured throughout 2018, but is still down 78.1 percent from its all-time high of $835 billion recorded on January 7, 2018.

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