Bitcoin may go over $6500; holding strong above $5500

bitcoin price analysis may


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The crypto market has been on the rise recently and all coins are in the green. Although all coins seem to benefit from the increased market momentum bitcoin seems to be the one coin benefitting the most. Bitcoin has been going strong with its upwards trend and has recently breached the five thousand five hundred dollars ($5,500) price mark.

The resistance levels somewhere around five thousand seven hundred dollars ($5,700) and five thousand eight hundred dollars ($5,800) until it had a minor correction. The BTC/USD pair is going through a strong upwards trend and it is expected to hit the resistance levels of sixty-five thousand hundred dollars ($6,500).

Bitcoin is expected to breach the six thousand dollars ($6,000) and sixty-two hundred and fifty dollars ($6,250) mark before a downward correction

Bitcoin BTC chart created with Trading View

In the previous week, Bitcoin demonstrated some significant growth and BTC/USD went above the price mark of fifty-three hundred and eight dollars ($5,380) and five thousand four hundred dollars ($5,400). After BTC/USD hit the fifty-five hundred dollars ($5,500) mark the market momentum increased significantly. As of now, the price is settled at fifty-six hundred dollars ($5,600).

After sitting stably near the five thousand six hundred dollars ($5,600) range bitcoin hit the fifty-seven hundred dollars ($5,700) mark. This upward trend caused bitcoin to hit the fifty-eight hundred and thirty-eight dollars ($5,838) mark.

This price range is where the new all-time high of this year was formed. This didn’t last too long and a was proceeded by a downward correction A major downside correction is expected if the price settles near the sixty-four hundred dollars ($6,400) and sixty-five hundred dollars ($6,500).

Bitcoin is clearly going through some good times and the increased market momentum is definitely connected to the support levels settled at five thousand six hundred and ten dollars ($5,610).

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