The crypto community was pleased to find that Bitcoin was able to surge past $6,000 for the first time since the cryptocurrency plunged to its 2018 lows of $3,200 in December.<\/p>\n
Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pull back that could offer a good entry point for fresh long positions.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 2.6% at its current price of $6,080, up slightly from its daily lows of $5,900 which were set yesterday.<\/p>\n Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 region and into the $5,000 region.<\/p>\n Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before \u201cfomo-ing\u201d into the crypto, as a retrace may be inevitable.<\/p>\n Lucid TA, a popular crypto analyst on Twitter, expressed this sentiment in a recent tweet, noting that traders should closely watch for the next retrace, as it may mark a great entry opportunity for fresh long-positions.<\/p>\n \u201cA reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction,\u201d he said, referencing the below chart.<\/p><\/blockquote>\n https:\/\/twitter.com\/Lucid_TA\/status\/45250305<\/p>\n As for what price level may spark the next retrace, there is a general consensus amongst analysts<\/a> that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.<\/p>\n \u201c$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018,\u201d Alex Kr\u00fcger, a popular economist who focuses on cryptocurrencies, explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018. pic.twitter.com\/zikq5KYomI<\/a><\/p>\n — Alex Kr\u00fcger (@krugermacro) May 9, 2019<\/a><\/p><\/blockquote>\nA Pullback May Ensue After BTC Hits $6,400<\/strong><\/h2>\n
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