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FxWirePro: Bitcoin likely to move higher to test $6000 resistance in near term

After almost a year-long bear trend and a quarter long consolidation, the most popular cryptocurrency Bitcoin is once again back in business, as the price of Bitcoin is up 43.5 percent YTD.

  • In the past one month alone, BTC is up by almost 37 percent.
  • Analysts are suggesting that easing of regulatory moves by the South Korean government and greater adaptability of cryptocurrency assets among investors to be behind the latest rally in bitcoin.

Forecast:

  • While Bitcoin is barely out of the longer-term down-trend, our calculations suggest that Bitcoin is likely to move higher in the near term. The first target for the bulls lies around 5615 area. A break of which put the next target on.
  • While bulls are targeting a move towards $7200 per coin area, long-term bears are likely to keep price checked around $6000 area. Selling pressure to start as coin reaches $5925 area.

Bitcoin is currently trading at $5270 per coin.

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