Bitcoin Plans to Climb Past $6,800 Mark
On the 17th of July, Bitcoin managed to reverse the incredibly long-lasting bearish attitude on the market, bringing about new hope for a full bull movement to pave a way past the $6800 resistance level.
Given the positive shift in attitude regarding Bitcoin and its price on the market, the world’s leading digital currency is portraying optimism regarding its break past the $6800 value. Despite a low number of investing participants on the market, Bitcoin maintained its bid and climbed to the $6400 mark, maintaining positive bullish attitude throughout the weekend.
The currency’s price climbed past $6300 earlier this week on Saturday although trading traffic saw a plummet and dropped to around $3 billion, marking its lowest point since November in 2017. Last week, the digital coin dropped even further to $6080 although a comeback to the $6600 price has shed a new bullish attitude as the sudden climb from low to high on charts displayed.
As it stands, Bitcoin prices are pushing against the resistance, testing their limits against the almost $6.9K mark. In light of this, Bitcoin is currently on the right upward trend and shifting to the positive side of the neckline.
Despite the positive news, cryptocurrencies remain unreliable and unpredictable and caution is advised giving that Bitcoin may possible be overbought at some point. The relative strength index is peaking at its highest in the last few month, clarifying a large increase in Bitcoin purchases this year.