Bitcoin managed to sustain the momentum above $6,000 which has been tested with some correctional declines. One thing that is obvious from yesterday's events is that in this market cycle, Bitcoin appears to be immune to bad news. The bulls carried on trading and BTC surged above the psychological level of $6,000.
When the news broke that Binance had been hacked, thus hurting the crypto market with a trade volume of $40 million, Bitcoin remained unaffected. Later, it sank about 3 percent or so below $5,800, but immediately started to recover and rebounded to $6,000 over the next few hours. The aftermath the cyberattack on Binance has left the industry confounded. On the one hand, the price of Bitcoin remains steady. On the other hand, according to reports, no user accounts were affected to derive the market sentiment away.
The price is currently being held by the dynamic level of 20 EMA after the recent retracement from $6,200. As the price holds above $6,000 with a daily close, further upward pressure with a target towards $6,300 is expected in the coming days.
SUPPORT: 5,850, 6,000
RESISTANCE: 6,300, 6,500
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
