Bitcoin managed to sustain the bullish momentum after a break above $5,500. As a result, the price is trading at near the $6,000 resistance area currently.
Recently, the cryptomarket has been developing with massive investment that encouraged the overall bullish trend. Bitcoin is no exception. The most popular cryptocurrency is winning favor with investors that ensures its steady gains. Having lost over 80% of its peak value, Bitcoin's is following a steady rally which signals further upward pressure in the coming days.
According to recent reports, the daily volume of BTC transactions is approaching all-time highs of around $400,000 that was last recorded at the peak of the 2017 bubble. So, a similar transaction pattern is expected to boost the upcoming gains of Bitcoin. Traders should be aware of corrections and higher volatility in the crypto trading. Additionally, relevant news websites report that mining activity has growing rapidly.
To sum it up, the price has been making corrections close to the important price area of $6,000. Though the trend is clear-cut bullish, recently the price formed Bearish Regular Divergence which might trigger a correctional decline towards the dynamic level of 20 EMA i.e. at $5,500 before it climbs up higher again aming to break above $6,000 and touch the next milestone at $8,500.
SUPPORT: 5,000, 5,250, 5,500
RESISTANCE: 6,000, 6,300, 6,500
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
