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1 month ago

Bitcoin May Continue to Dip Low Before a Surge to the $6,000 region, Analysts' say.

 

Following Bitcoins upward movement to $5600 dollars a few weeks ago, it has not been continuous up direction since then.  The crypto markets had dipped before the last weekend commenced, this is after incurring a significant amount of upwards pressure throughout this week. The drop over the weekend put Bitcoin (BTC) back into the $5,600 region, indicating the cryptocurrency King has not pulled enough buying pressure to get it above $5,800.

According to a report, analysts believe that the crypto markets may continue dipping lower before they hit a price level at which they can continue surging higher. This was the same case before where bitcoin. Around the start of this month, Bitcoin was trading down over 2% at the price of $5,675 which was lower than its high of close to $5900.

Currently, the bitcoin value sits at $5723. Prior to today’s dip, analysts were closely watching the $6,000 level to see if the crypto would be able to break into this price region which didn’t happen. And some other analysts claimed that a decisive move into the $6,000 region would mark the start of the next bull market.Analytic Chart

According to the tweets of a popular crypto analyst on Twitter, Big Chonis “$BTC - Don’t get too bearish just yet, as previous daily resistance is being tested as #bitcoin support... a break of the $5,300 area would be a bit more worrisome that a larger correction is taking place...”  Big Chonis shared his view on Bitcoin’s current price action in the tweet, explaining that BTC’s previous daily resistance is now acting as support, which may be a bullish sign.

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credits - Big chonis, COLE PETERSEN

 

Anita O.

Lover of tech and blockchain.

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