{"id":381421,"date":"2019-05-09T08:30:54","date_gmt":"2019-05-09T08:30:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=381421"},"modified":"2019-05-09T05:27:28","modified_gmt":"2019-05-09T05:27:28","slug":"bitcoin-shrugs-off-the-news-but-faces-epic-resistance-at-6000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-shrugs-off-the-news-but-faces-epic-resistance-at-6000\/","title":{"rendered":"Bitcoin Soars 5% to New 2019 High But Faces Epic Resistance: Can it Push Through?"},"content":{"rendered":"<p>One thing that we can take from yesterday\u2019s events is that in this market cycle Bitcoin appears to be oblivious of bad news. The bulls battled on regardless and BTC surged past the psychological $6,000 barrier a few hours ago.<\/p>\n<h2>Bitcoin Shrugs Off The News<\/h2>\n<p>When the news broke that Binance had been hacked to the tune of around $40 million <a href=\"https:\/\/uniquehot.com\/2019\/05\/08\/crypto-market-wrap-no-major-selloff-in-wake-of-binance-hack\/\">crypto markets and Bitcoin barely blipped<\/a>. Ok, so it tanked about 3 percent or so back to below $5,800, but immediately started to recover and surge upwards of $6,000 over the next few hours.<\/p>\n<p>The <a href=\"https:\/\/uniquehot.com\/2019\/05\/08\/bitcoin-bulls-battling-back-beyond-binance-breach\/\">bulls ignored the news<\/a> and took BTC to a new 2019 and almost six month high of $6,075. The move saw BTC add 3.5 percent on a day where the world\u2019s largest crypto exchange got hacked. As economist and crypto trader Alex Kr\u00fcger pointed out Bitcoin has stopped caring about bad news.<\/p>\n<p>Yes BTC did dump after the Tether imbroglio but soon recovered and was back to new highs for the year within a few days.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Notice the pattern: bitcoin stopped caring about bad news. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/lgk5qo5lYw\" rel=\"nofollow\">pic.twitter.com\/lgk5qo5lYw<\/a><\/p>\n<p>&mdash; Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/68021248?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Fundstrat\u2019s Tom Lee also noticed the muted market response and gave kudos to Binance for the way it handled the incursion;<\/p>\n<blockquote><p>\u201cIn a world of decentralization, the crypto community is placing a premium on entities that have earned \u201ctrust\u201d (centers?). It is pretty clear @cz_binance and @Binance has earned that confidence, looking at the reaction of the community and the muted price reaction by #bitcoin\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In a world of decentralization, the crypto community is placing a premium on entities that have earned \u201ctrust\u201d (centers?)<\/p>\n<p> It is pretty clear <a href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@cz_binance<\/a> and <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Binance<\/a> has earned that confidence, looking at the reaction of the community and the muted price reaction by <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/rG7cecwuGy\" rel=\"nofollow\">https:\/\/t.co\/rG7cecwuGy<\/a><\/p>\n<p>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href=\"https:\/\/twitter.com\/fundstrat\/status\/71820803?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Epic Resistance at $6,000<\/h2>\n<p>Now that it is over $6,000, analysts are looking to where Bitcoin may go next. <a href=\"https:\/\/www.forbes.com\/sites\/cbovaird\/2019\/05\/08\/bitcoin-broke-through-6000-clearing-the-way-for-substantial-gains\/\" rel=\"nofollow\">Forbes<\/a> ran a piece proclaiming that the move could lead to a sharp upside for Bitcoin and there was no FUD in sight.<\/p>\n<p>Director of digital currency research for TradeBlock, John Todaro, commented that &#8220;$6k has been a key price level for bitcoin,&#8221; while Jeff Dorman, CIO of asset manager Arca, added &#8220;there could be little standing in the way of rapid and significant gains,&#8221; once BTC surpasses this level.<\/p>\n<p>Bitcoin is currently at a huge resistance zone. It traded around $6,000 for over three months in 2018 so could well consolidate here until around August if the pattern is repeated. Technical Analyst Josh Rager has predicted a pullback and pointed out;<\/p>\n<blockquote><p>\u201cThe most epic $BTC resistance awaits. Don&#8217;t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won&#8217;t be closing back under. For now, it is a primetime pullback zone.\u201d<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/Josh_Rager\/status\/53438978<\/p>\n<p>The altcoins are not having such a good time as Bitcoin continues to eat away at them increasing its own market share to an eight month high of just below 57 percent. The second and third largest crypto assets, <a href=\"https:\/\/uniquehot.com\/2019\/05\/09\/ripple-xrp-price-break-higher-btc-eth-surging\/\">Ethereum and XRP<\/a>, have barely moved as BTC marches ever higher.<\/p>\n<pre>Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>One thing that we can take from yesterday\u2019s events is that in this market cycle Bitcoin appears to be oblivious of bad news. The bulls battled on regardless and BTC surged past the psychological $6,000 barrier a few hours ago. Bitcoin Shrugs Off The News When the news broke that Binance had been hacked to the tune of around $40 million crypto markets and Bitcoin barely blipped. Ok, so it tanked about 3 percent or so back to below $5,800, but immediately started to recover and surge upwards of $6,000 over the next few hours. The bulls ignored the news and took BTC to a new 2019 and almost six month high of $6,075. The move saw BTC add 3.5 percent on a day where the world\u2019s largest crypto exchange got hacked. As economist and crypto trader Alex Kr\u00fcger pointed out Bitcoin has stopped caring about bad news. Yes BTC did dump after the Tether imbroglio but soon recovered and was back to new highs for the year within a few days. Notice the pattern: bitcoin stopped caring about bad news. $BTC pic.twitter.com\/lgk5qo5lYw &mdash; Alex Kr\u00fcger (@krugermacro) May 8, 2019 Fundstrat\u2019s Tom Lee also noticed the muted market response and gave kudos to Binance for the way it handled the incursion; \u201cIn a world of decentralization, the crypto community is placing a premium on entities that have earned \u201ctrust\u201d (centers?). It is pretty clear @cz_binance and @Binance has earned that confidence, looking at the reaction of the community and the muted price reaction by #bitcoin\u201d In a world of decentralization, the crypto community is placing a premium on entities that have earned \u201ctrust\u201d (centers?) It is pretty clear @cz_binance and @Binance has earned that confidence, looking at the reaction of the community and the muted price reaction by #bitcoin https:\/\/t.co\/rG7cecwuGy &mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) May 8, 2019 Epic Resistance at $6,000 Now that it is over $6,000, analysts are looking to where Bitcoin may go next. Forbes ran a piece proclaiming that the move could lead to a sharp upside for Bitcoin and there was no FUD in sight. Director of digital currency research for TradeBlock, John Todaro, commented that &#8220;$6k has been a key price level for bitcoin,&#8221; while Jeff Dorman, CIO of asset manager Arca, added &#8220;there could be little standing in the way of rapid and significant gains,&#8221; once BTC surpasses this level. Bitcoin is currently at a huge resistance zone. It traded around $6,000 for over three months in 2018 so could well consolidate here until around August if the pattern is repeated. Technical Analyst Josh Rager has predicted a pullback and pointed out; \u201cThe most epic $BTC resistance awaits. Don&#8217;t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won&#8217;t be closing back under. For now, it is a primetime pullback zone.\u201d https:\/\/twitter.com\/Josh_Rager\/status\/53438978 The altcoins are not having such a good time as Bitcoin continues to eat away at them increasing its own market share to an eight month high of just below 57 percent. The second and third largest crypto assets, Ethereum and XRP, have barely moved as BTC marches ever higher. Image from Shutterstock<\/p>\n","protected":false},"author":386,"featured_media":375197,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[10768,428],"class_list":["post-381421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-binance","tag-bitcoin"],"acf":[],"yoast_head":"\n<title>Bitcoin Soars 5% to New 2019 High But Faces Epic Resistance: Can it Push Through?<\/title>\n<meta name=\"description\" content=\"One thing that we can take from yesterday\u2019s events is that in this market cycle Bitcoin appears to be oblivious of bad news.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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