Bitcoin

$5,600 Is the Mark that Bitcoin Needs to Beat Now

The world’s largest cryptocurrency in terms of market capitalization bitcoin recently broke its months of inactive behavior as it shot past the $5k mark. Currently standing at around $5,290, one key resistance remains in front of the asset. Breaking the $5.6 level is now the next most-anticipated step by the digital asset. A crypto trader, Mayne said;

“… $5500-$5600 is the area I am watching on BTC if that breaks $5800 will come quickly.”


For Ethereum (ETH), things are also looking quite green as the asset has risen by around 4.90% in the past 24 hours alone. ETH is currently eyeing the $200 mark so that better prospects of its bull-run are set up. All in all, the entire market is showing major greens and many smaller cryptos are looking to achieve ATH, All Time High.

For the short-term, the next target for BTC is crossing the $5.6k. Some even suggest that after this, the 6,000 range will be very much in sight setting up tracks for a prolonged bull-run. With the volatility that this asset possesses in its price, $6k does not seem to be too far out in the coming time.

SEE ALSO: Bitcoin to Move Past $6,000 in Two Weeks but Set Stop Loss at $5k

Bitcoin’s price is often the target of the general public attention and the investor community due to its volatility. One day the price is seen shooting sharply, the very next day, it is down on its knees with the entire market showing major reds. Although this behavior is not a positive one when it comes to establishing bitcoin’s credibility as a currency and a source of making large-scale payments, it is something that attracts many investors.

Developments and regulations are still in their earlier stages in this world and many people are just in the bitcoin space to earn a quick buck. The bull-run of 2017, when the asset almost touched the $20,000 mark, has established an image that the asset has the tendency to break out drastically in terms of its price in the future. Many investors flock in to buy the asset in hopes to gain profit from its price spike. As more people start buying and its demand increases, so does its value and price in the market. The result is a bull-run in price as seen in 2017.

Irrespective of the price, the proponents of crypto space believe that bitcoin is the future of money. The centuries-old banking system has resulted in huge debts across the globe for every nation and the need for an alternative arose after the economic recession of 2008. Bitcoin is just a by-product of this need. As this decade-old space grows even further and becomes mature with regulations in place, it is expected that bitcoin will get more adoption and will be valued much more than what it is today.

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Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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