Bitcoin recently moved over the $6800 resistance level and recorded a yearly high at around $6991 on the coinbase chart before correcting downwards. Currently, bitcoin seems to be trading in a range between $6700 and $6900. The total cryptocurrency market capitalization also surpassed the $200 billion mark today.
Bitcoin Price above $6800: Is the Bear Market Over?
BTC is currently trading around $6828 (according to coinbase chart) and is facing a lot of selling pressure around the $6900 and $7000 range. However, bitcoin has already moved above the $6800 resistance level which was being called the most major long term resistance level for bitcoin.
Even though the whole cryptocurrency market was expecting a totally different move from bitcoin due to the recent negative news regarding the Bitfinex & Tether controversy and the Binance exchange hack. However, rather than correcting downwards, the cryptocurrency turned bullish and broke through all major resistance levels. However, it is still unclear whether the markets have really turned bullish or is the market being driven by exchanges and large bitcoin bulls alone.
It is very essential for BTC price to maintain its position above the $6800 level for at least a few days before the actual price activity can be analyzed and it can be noted that the bear market has finally ended. BTC still remains at a risk of downfall as there is not any specific adoption news or positive reason to back the sudden price surge apart from Facebook unbanning cryptocurrency advertisements and the Fidelity cryptocurrency markets. A lot of short order on the Bitfinex exchange are also suggesting that the bears have started to close down their positions.
What are your thoughts on the sudden bitcoin surge? Tell us in the comments section below.