Bitcoin that is currently trading at a price above $6000 is on fleek in the crypto market to please the community in order to get more potential investments. If the spikes keep rallying, Bitcoin can easily lure investments which can boost demand and trading volumes.
However, the current data as derived from the Bitcoin chart of Trading view on 9th May at 11:35 UTC time is as follows:
|Price (USD) as per Binance||6035.84|
|Market Capitalization||107,497,340,299 USD|
|24h volume||15,939,732,023 USD|
|Return on Investment||4392.03%|
|Circulating Supply||17,690,800 BTC|
The current trading chart is more or less showing similar downward motion after reaching $6000 as it had (up swinging motion) before reaching the landmark. The adjacent chart is as below:
What we see while we compare the above two charts is that the upward surge in the latter one was steep that led to crossing the mark in an easy breezy manner but the fall or the volatility is gentle which may not cause a sudden downtrend. This is just the character of how the market functions which is not likely to cause any doubt in the mind of the investors.
- MACD in the above chart indicates that the trends are continuously changing and that no concrete judgment as to the level of rise or fall can be rightly passed.
- As MACD is above the signal line, irrespective of the trend being constantly changed it is strongly showing a bullish market.
- RSI in the 14th period is 40 having an inclination towards 30 which is the oversold factor.
The investors at present should go with the flow and not miss this opportunity on deciding to have a long or short position as per their investments and the portfolio. As per the market movements and BTC forecast, bulls seem to continue with giving resistance around $6400 and nowhere below that point. Therefore, no steep downtrend is likely to take place which can investors pack their bags and go back to isolation.