Bitcoin Moves Above USD 6,000, For How Long? (UPDATED)
After briefly spiking above the USD 6,000 level earlier in May, the most popular cryptocurrency, Bitcoin touched USD 6,100 on Thursday morning (UTC time). (Updated on 06:50 UTC: price information has been updated, a new comment (in bold) and other reactions have been added.)
At pixel time, the price stands at USD 6,115. Last time Bitcoin price was at this level is November 2018.
The cryptocurrency shows strongest gains among top coins today, having advanced more than 3% in the past 24 hours and more than 13% in the past week. Bitcoin's market capitalization surpassed USD 108 billion.
The majority of other coins from the top 10 coins by market capitalization reversed their gains today and are in red now.
BTC price chart:
Meanwhile, Michael Novogratz, CEO of merchant bank dedicated to the digital assets and blockchain Galaxy Digital, sees Bitcoin struggling at USD 6,000 before moving higher:
Meanwhile, New York-based market research boutique Fundstrat Global Advisors claims that the list of evidence/events/reactions is growing and suggesting that crypto winter is over.
"While there remains no single declarative event, we believe the most significant was Bitcoin reattaining the 200 days moving average and sustaining that level. We believe new to crypto investors will feel some level of "FOMO" [fear of missing out] when Bitcoin closes in around USD 10,000 as this is strong proof Bitcoin did not die. And the ultimate "proof" will be when Bitcoin makes a new high - but does anyone really want to be sidelined until then?," the boutique wrote in a note to its clients on May 7.
Gotcha— Crypto_Ed_NL (@Crypto_Ed_NL) May 9, 2019
Many traders (including me) expecting a correction from these levels based on TA.
Remember what happened last time when so many were expexting a break of 4200 towards new lows.
Check what happened on 2nd of April 2019 ;-) https://t.co/WFwYh0Xn3c
dont start rapping on twitter until weve held previous support for a couple days though.— I am Nomad (@IamNomad) May 9, 2019
FOMO is defs going to kick in soon.— Kerman Kohli (@kermankohli) May 9, 2019
I tend to think this $BTC rally will continue to accelerate until we hit a resistance simply too big too handle. I'm keeping my longs open.— The Crypto Dog📈 (@TheCryptoDog) May 9, 2019
Bear market over. Bull market in? - I want to see how we handle $6350.
If we turn that into support - oof. Hope you bought the dip.
What it felt like when Bitcoin got back above $6,000 even though were still down nearly 70% from the all time high pic.twitter.com/JykBPn9omh— Moon Overlord (@MoonOverlord) May 9, 2019