Bitcoin Climbs Back Over $6000 as Bull Reversal Progressing
After dropping below its usual $6K standing, the world’s first cryptocurrency has seen a sudden boost to its value after simmering at a steady, low value of around $5800 for a seven-month period.
Expectations of Bitcoin to maintain a defensive stance and plummet even lower in 2018 were proven wrong after the digital currency rose back over its original marker to $6545, going against the initial predictions. Many also believe that the sudden boost to BTC comes as a result of traders and sellers of the cryptocurrency running short on their supply.
Despite the recent jump in BTC value, bulls have yet to show any disruption in the fluctuating lows and highs of value as the general bearish attitude remains intact and as of now, it may still be too soon to expect a complete reversal of the general expectations by defensive investors.
An outside-day was initiated on Friday by Bitcoin, portraying a bullish outlook as the digital asset secured its spot above the $6K mark. Many investors are still expressing concerns and suggest that confirming a shift from bearish to bullish should only occur once Bitcoin climbs past the declining channel in a secure method.
The chances of Bitcoin breaking past the current falling threshold are showing a positive potential outlook as the current bullish perception continues to hold. Should Bitcoin manage to break through the current resistance displayed, which stands at around $6416, it could potentially pave the way to a new high above the $7K target. Should it drop below $6000 dollars once again, any bullish attitude towards the digital asset will quickly vanish.