Bitcoin News & Update: Support-Building to Control Bounce, Charts Indicate Price Rise Possible

Bitcoin has not exactly been making a lot of waves recently, at least when compared to its heyday when it dominated headlines by reaching upwards of $20,000 in value. These days, the cryptocurrency is hovering somewhere in the $6,000 line, which the coin is reportedly building support for. There are also charts that seem to indicate a possible rise in the value of Bitcoin, but nothing has been confirmed.

The fact that Bitcoin is a volatile mess is no longer a secret. It’s been known for some time that the cryptocurrency is far from reaching maturity, but the developers seem eager to change this. As such, there is reportedly an effort to build support that will allow Bitcoin to stay within the $6,000 range, Forbes reports.

The need to keep the cryptocurrency at that range is incredibly critical in keeping it as stable as possible. If it dips below that amount for even a short amount of time, it could trigger a panic sellout, which could spell the end for Bitcoin.

As of writing, the currency is holding at $6,498.33, but there are no guarantees that this will be the case for long. This hasn’t stopped Bitcoin from trying to shore up its defenses, however, adding pressure for investors to buy so that the value of the currency holds.

Just to provide investors with some reassurance that the cryptocurrency is still on a right path towards a rise in value, Coin Desk features three charts that are indicative of this trend. If current trends hold, it’s possible for Bitcoin to go beyond the $7,000 mark, once again.

For now, the safest course of action is merely to assume that Bitcoin could drop in value once again. However, it would be worth paying attention to the hopeful developments that suggest a bullish future for the cryptocurrency.