Did Bitcoin Find The Bottom ?
Another week has passed and this week was a good one for the general crypto market. Most of the coins are up double digits and a sense of optimism can be felt in the air. A lot of my friends in the crypto space are very pleased that BTC managed to hold the 6000$ level !
On a longer-term basis things dont look great for sure but at the moment the big question for me is whether Bitcoin will have the power to break 7000$ and hold above it. For me this is very important for the near-term price direction of the crypto king.
Ether has been doing a lot better than BTC and after recent lows of 367$ it managed to hold above 400$ despite the new lows in the market leader. Another interesting fact is that Bitcoins dominance is around the 43% level which indicates that buying the leader is still a lot more popular than buying dubious alts.
What's your thoughts for the near-term future of the coins ? Are you considering to accumulate or you are waiting for a better entry point ? Let us know in the comments below.
Based on the chart it looks like there is some resistance at $7,600 and some support at $6,400. It seems like there is a possibility of it being able to hold above 7 if it makes it there but may be tough to get past 7.6k within the coming months. Some people think that it could hit 30k by the end of the year, others think that it will hit 8k. Truth is no one really knows where it is going to go.
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