Bitcoin [BTC] surged past the $5,4oo-mark, breaching another key resistance. At press time, the token was priced at $5,587.80. The market collectively boomed following the hike, fueling speculation that Bitcoin may soon cross the $6000-mark.
Tone Vays, a crypto-analyst and derivatives trader, remarked on the situation, listing out the conditions for Bitcoin to cross the $6,000-mark.
Vays mentioned that the weekly chart for Bitcoin [BTC] appeared bullish, which was significantly important. He indicated that the bullish trend for the long-term was likely to continue since the last hike was sustaining itself and the coin’s price had not dropped massively.
However, the weekly chart being bullish did not solidify the possibility of an impending bull run because the chart witnessed a formidable, declining 50-week moving average, which should reject the rising price, he added.
Vays also suggested that the upcoming week would be crucial for the coin’s price. In a scenario where Bitcoin breaches the $6,000 mark and closes the week below the Moving Average, that would indicate the Moving Average holding its stance.
He stated that in order to break the prominent Moving Average, the price would have to break above the MA, close its valuation above the line and spend a complete candlestick above the MA in order to consider the MA broken.
Tone Vays had previously spoken against the bullish trend, remarking that the recent price hike did not put forward a strong argument for a continued bull run. Back then, he had claimed that he would be more inclined towards a bullish trend if the valuation crossed the $5,200 mark and stayed above it for more than 24 hours.
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