BTC/USD (Bitcoin) Gallops To Trade Above $6,000

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The price of bitcoin has performed wonders in the last few weeks. Four weeks ago, if you asked most of the crypto critics if Bitcoin would hit $5000 again this year the answer would have been simple, No.

However, the pioneer crypto has rallied by nearly $1000 every week to hit new multi-month highs of $6,050 and now, it looks like the only way is up. So, what is behind bitcoin’s massive rally over the last few weeks?

BTC/USD (Bitcoin) Fundamentals Overview

The cryptocurrency industry has benefited tremendously over the last month with more online retailers beginning to accept bitcoin, ether and ripple payments among others. This sentiment was further boosted after news broke indicating that one of the world’s leading brands Nike was also working on its own cryptocurrency.

Ths flurry of top companies beginning to embrace crypto coupled with the current earnings season has contributed to recent rallies in cryptocurrency prices and bitcoin continues to lead the line. More can be expected in the coming weeks.

BTC/USD (Bitcoin) Technical Analysis (the Daily Chart)

From a technical perspective, the price of bitcoin has recently galloped to new six-month highs. Initially, it appears to be pegged below the $5,800 level, but on Friday it sprinted past this level to move well above $6,000 for the first time since November last year.

This obliterated all short-term technical perspectives with traders now try to develop new projections with last year’s levels in focus.

As such, the bulls will target new opportunities at around $6,260 level while the bears will hope for an unlikely pullback towards the $5,900 level.

BTC/USD (Bitcoin) Technical Analysis (the Weekly Chart)

In the weekly chart, the price of Bitcoin appears to have recently broken out what has been a descending channel stretching back to the start of 2018.

Again, this breakout resets the technical perspectives about BTC/USD with the bulls now looking to target opportunities at around $7,250 in the long-term while the bears will hope for a major plunge below the $5,000 level.

In summary, the price of bitcoin has experienced one of its worst declines late last year. This year it has been all about attempting to trim those losses. Now, it looks like that goal will be achieved in the next few weeks as bitcoin nears full recovery.

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