Bitcoin Broke Above The $6K Recording $6,100 Six Month High: Will It Hold? Community Wonders
Bitcoin has managed to hit an 6-month high, reaching the $6,100 levels. The price has been moving positively throughout the entire 2019. Following the 60 percent year-to-date increase, however, the community wonders whether or not the price will be able to hold above $6,000.
Bitcoin Hits a 6-Month High
Bitcoin (BTC) has managed to breach the important level of $6,000. The cryptocurrency is trading at around $6,100 at the time of this writing. This is the highest it has been since back in November 14th, right before the price plummeted to about $3,750 in a matter of just a few weeks.
2019 has definitely been a good year for the world’s leading cryptocurrency. Since January 1st, Bitcoin has managed to gain upwards of 60 percent of its price, causing many to question whether or not the prolonged bear market of 2018 is finally over.
It all started in April when Bitcoin surged from about $4,150 to $5,300 in a day. Not only has the cryptocurrency retained these gains, but it has marked another measurable leg up ever since, eventually resulting in the breach of the important resistance level of $6,000.
But Will Bitcoin Hold The $6K?
Naturally, after the breach of a significant resistance like this, the logical question to ask is whether or not the price will hold. Community members have spoken up, outlining different details and providing different opinions.
Twitter influencer Alex Saunders has initiated a poll, asking whether or not Bitcoin will get through the $6,000 – $6,500 zone within the next few days. Almost 900 people have voted in the last three hours, providing a majority of 52 percent voting that the cryptocurrency will, indeed, surpass these levels.
Will #Bitcoin get through $6-6.5k zone in the next few days? $BTC $XBT
— Alex Saunders (@AlexSaundersAU) May 9, 2019
Master (@xtdisnkfe), has compared the current price action following April’s Golden Cross to that of October 2015, identifying a price target of around $10,000 by June this year.
Bitcoin is parabolic
Similar to 2015 pic.twitter.com/ciCgb2gNiZ
— Master ⚡️ (@xtdisnkfe) May 9, 2019
Of course, it’s anyone’s guess where do we go from here. However, Cryptopotato recently outlined a few important resistance levels to watch in this price range. The closest resistance lies at $6,200 and $6,250. Breaching these, Bitcoin will face obstacles at $6,400. In any case, it will definitely be very interesting to monitor Bitcoin’s price action in this area.
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