Bitcoin Bursts Back Above 6,000

Matt Weller, CFA, CMT Faraday Research

Most risk assets are selling off on fears of a negative outcome from US-China trade talks, but Bitcoin is quietly defying that trend.

The world’s oldest cryptoasset has rallied nearly 100% from its mid-December lows to regain the 6k handle for the first time since November. More to the point, price is testing a critical zone of previous-support-turned-resistance in the $5800-6100, which put a floor under prices throughout Q2 and Q3 of last year:

Source: TradingView, FOREX.com

As the chart above shows, Bitcoin’s RSI indicator is showing a possible bearish divergence, signaling that buying pressure may be fading as prices test this key level. With prices up nearly 20% in the last two weeks alone, we wouldn’t be surprised to see the cryptocurrency pause or pull back in the coming weeks.

Nonetheless, prices appear to have formed a durable bottom near $3k earlier this year, so traders may favor buying any near-term dips back into the mid- or lower-$5,000s heading into the summer.

Author

Matt Weller, CFA, CMT

Faraday Research

Matthew is a former Senior Market Analyst at Forex.com whose research is regularly quoted in The Wall Street Journal, Bloomberg and Reuters. Based in the US, Matthew provides live trading recommendations during US market hours, c

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