Bitcoin (BTC) had a flourishing trading day yesterday. The price of the coin has continued to rise vertically, and has reached a daily high of $ 6,507 on some trading floors in a short period of time.
Currently, Bitcoin is trading at $ 6111, up 13.67% from the previous 24 hours.
Important resistance is at 6,410 USD
As cryptocurrency trader Smack pointed out, there is a confluence resistance zone at $ 6,410. The top of the 4-hour and 6-hour Ichimoku cloud, the exact bottom of the 2019 pullback on BitMEX, and the middle range of the volume indicator. That shows, this price is one of the most important price points.
– Smack (@SmackTrades) March 19, 2020
Bitcoin surpassing this price level can confirm the stronger upward momentum for this market. If rejected, it could be a sign of BTC decline.
Still upward trend
Galaxy analyst said a trend indicator that bottomed out at $ 6,400 last December is showing a first buy signal since December. BTC despite the coin is still being traded at $ 10,000. This indicates a reversal is underway.
Hunter Horslet, CEO of Bitwise Asset Management, said there are many basic factors that support Bitcoin's price increase:
- Bitcoin has begun to separate from traditional markets, proving it can fulfill the role of hidden assets in the ongoing crisis.
- 72% of Coinbase customers are buying BTC, according to the company's own data.
- Halving halves the rewards of Bitcoin approaching, only 50 days away.
- Billions of dollars can return when buying leverage back.
- Central banks have printed trillions of dollars to stimulate the economy, which could cause inflation that will benefit cryptocurrencies.
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