Yesterday\u2019s Bitcoin rally has led the cryptocurrency into the mid-$6,000 region, with the mounting resistance at $6,500 proving to be too much for BTC\u2019s bulls to surmount. This has led to yet another bout of consolidation around this level.<\/p>\n
One analyst is noting that Bitcoin\u2019s bulls are currently being \u201cput to the test\u201d after losing a key technical level that was previously bolstering its price action.<\/p>\n
If bulls want to further extend their newfound momentum and propel the crypto higher, it is imperative that buyers are able to defend the crypto from dropping below $6,350.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 3% at its current price<\/a> of $6,490, which is around where it has been trading at over the past day.<\/p>\n BTC\u2019s rally up to these highs came about following its recent decline to lows of $5,800, which is the point at which bulls stepped up and catalyzed some decent momentum.<\/p>\n The fact that this short-term uptrend has stalled at its first key resistance level seems to elucidate some underlying weakness, suggesting that the crypto could be poised to face a rejection at this level.<\/p>\n Big Cheds \u2013 a popular cryptocurrency analyst on Twitter \u2013 explained in a recent tweet that BTC recently lost its EMA 8, with this ongoing bout of sideways trading marking a test for bulls.<\/p>\n \u201cBitcoin: 1 hour – Bulls being put to the test after losing EMA 8, lower BB dip and rally,\u201d he explained while pointing to the below chart.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> 1 hour – Bulls being put to the test after losing EMA 8, lower BB dip and rally pic.twitter.com\/OytdTaK1hz<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) March 31, 2020<\/a><\/p><\/blockquote>\n\n