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Analyst: Bitcoin Above $ 6,400 Confirms Real Bull Run, Volume Surges 3x

Bitcoin has been able to continue extending its upward momentum and has firmly established its newfound position within the $ 6,000 region, almost all of the losses incurred in late 2018 after the cryptocurrency failed to find support around $ 6,400 and was late spiraling. downwards before the found support in the lower $ 3,000 region. Bitcoin is now approaching a critical price level that, if broken above, would confirm the start of the next bull market, which could lead to a gradual upwards climb that ultimately results in another parabolic movement sent to the cryptocurrency back to, or even above, its previously established all-time highs. Bitcoin (BTC) Surges to $ 6,400 At the time of writing, Bitcoin is trading up over 5% at its current price of $ 6,41 5, up from its 24-hour lows of just below $ 6,100. This latest leg of BTC's upwards surge has led to the highest price level it has traded at in all of 2019, and has placed the crypto back at price levels that were last seen in early November or 2018. This recent upwards momentum has been driven by a steady increase in trading volume, which has surged nearly three times from where it was in March or this year. According to Messari's "real 10" 24-hour volume indicator, Bitcoin's current daily trading volume is just below $ 800 million, up substantially from its real daily spot volume in late March, which was $ 270 million according to report from Bitwise…

Bitcoin has been able to continue extending its upward momentum and has firmly established its newfound position within the $ 6,000 region, almost all of the losses incurred in late 2018 after the cryptocurrency failed to find support around $ 6,400 and was late spiraling. downwards before the found support in the lower $ 3,000 region.

Bitcoin is now approaching a critical price level that, if broken above, would confirm the start of the next bull market, which could lead to a gradual upwards climb that ultimately results in another parabolic movement sent to the cryptocurrency back to, or even above, its previously established all-time highs.

Bitcoin (BTC) Surges to $ 6,400

At the time of writing, Bitcoin is trading up over 5% at its current price of $ 6,41

5, up from its 24-hour lows of just below $ 6,100.

This latest leg of BTC’s upwards surge has led to the highest price level it has traded at in all of 2019, and has placed the crypto back at price levels that were last seen in early November or 2018. This recent upwards momentum has been driven by a steady increase in trading volume, which has surged nearly three times from where it was in March or this year.

According to Messari’s “real 10” 24-hour volume indicator, Bitcoin’s current daily trading volume is just below $ 800 million, up substantially from its real daily spot volume in late March, which was $ 270 million according to report from Bitwise investments

https://twitter.com/BitwiseInvest/status/1109114659943211009?ref_src=twsrc%5Etfw” data-wpel-link=”exclude” target=”_blank” rel=”follow noreferrer

The cryptocurrency has now put a significant amount of distance between its current price levels and its 2018 lows of $ 3,200, which seems to confirm that This price level was, in fact, a long-term bottom

BTC Close to Confirming Next Bull Run

Analysts have long postulated that $ 6,400 is the key price level that must be broken above in order for the start of the next bull run to be confirmed, and although Bitcoin’s price has now passed that level, it is important that it holds above it for the remainder of the day.

Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, spoke about the This was the beginning of a fresh bull market, and that it was $ 6,400, the 2018 low prior to the November crash. The 2018 bear trend ended once above $ 4200. Above $ 6400, 2018 is the best price, it’s a bull market, he explained.

https://twitter.com/krugermacro/status/1124327705833504768?ref_src=twsrc%5Etfw” data-wpel-link=”exclude” target=”_blank” rel=”follow noreferrer

Josh Rager, a popular crypto analyst on Twitter, spoke about the critical nature of the $ 6,400 level in a recent tweet, noting that bulls must keep the cryptocurrency above this price level for the rest of the day in order for the next bull run to begin.

“$ BTC has pushed its way to a key area of ​​liquidity (no residue). A weekly close about this area market via box would certainly be bullish. Will watch weekly close, if fails to close above this week or next week then I suspect a decent pullback. Not bullish on buying alts yet, ”Rager explained.

https://twitter.com/Josh_Rager/status/1126843601131134977?ref_src=twsrc%5Etfw” data-wpel-link=”exclude” target=”_blank” rel=”follow noreferrer

As Friday wraps up, all eyes will be closely watched to see whether or not the ever-important $ 6,400 region can be decisively broken above, or if Another dip back to BTC’s next region of support is imminent.

 Featured image from Shutterstock. 
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