Bitcoin is currently trading at $5,920 with all signs indicating that it will soon hit the $6000 mark. Note that the $6000 zone is where the maiden cryptocurrency began to collapse back in 2018.
By hitting, the $5, 900 marks, Bitcoin is showing a good bullish run. From a technical analysis point of view, once Bitcoin hits the $6,050 – $6,250 zone it will encounter less resistance.
Looking back at the bear market, Bitcoin easily dropped from $6,000 to $3,500. Similarly, as it recovers, we expect Bitcoin to encounter fewer challenges along the way.
However, the crypto markets need to be aware above the $6,050 level we have significant zones. In the event Bitcoin stalls in these zones, it will not be a good sign.
The bullish run by Bitcoin can be termed as psychological. The growth has been propelled by reports that Fidelity Investment Company is on the verge of unveiling its own digital currencies trading platform. The services would be Bitcoin-based and meant for institutions.
Note that institutional investors are considered the key to mass adoption of Bitcoin and cryptocurrencies at large.
At the moment, Bitcoin trading volume has increased. Just last month, the trading volume of Bitcoin went ahead to surpass the $90 billion mark which was last recorded back in November 2018. At the same time, Bitcoin market cap is now over $100 billion, the highest level from November.
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