Bitcoin is stable and will not be reduced by less than $ 6,000

Bitcoin is stable and will not be reduced by less than $ 6,000

After Bitcoin rose to $ 6700 on CFD trading platforms with a price of $ 7,700 on the Bitfinex trading platform, the valuation stabilized at $ 6,500.

Over the past 48 hours, Bitcoin has grown from $ 3.2 billion to $ 7 billion at its peak, but has since fallen to $ 4 billion. Within two days, it showed a 25% increase in daily volume, which could be seen as a positive indicator of the short term trend of digital assets.

Will Bitcoin maintain a support level of $ 6,000?

The general sentiment regarding the mid-range price of Bitcoin is that if the Bitcoin manages to defend the support level at $ 6000 in the coming weeks comfortably, a significant drop in the low $ 5000 area is unlikely. Based on the stability demonstrated by the Bitcoin since early August and the fact that the dominant digital currency did not record values below the $ 6,000 level, it has become more challenging for pessimists to depreciate Bitcoin in the short term.

One of the currency traders, Eric Theis, stated that it is rare to find an asset that tests a key support level more than 20 times on the weekly chart. He stressed that the only way that Bitcoin can reach the $ 5000 price zone is the occurrence of an unexpected event that negatively affects the digital currency market at a value that exceeds the expectations of each investor in the market

Over the past nine months, despite the Bitcoin price movement and an 80% correction in the market, the digital currency market infrastructure has been significantly strengthened. Thus, there is little or no chance that an event will lead to a decline in the digital currency market.

Another analyst known by the nickname “Satoshi Fleiber” said Bitcoin’s price of $ 5,800 was the bottom for the rest of the digital currency market.