The price of bitcoins soars in early 2019, as traders anticipate $ 6,400

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By CCN.com: The price of bitcoins has risen more than 5% over the past 24 hours, from about $ 5,800 to $ 6,098, breaking the $ 6,000 resistance level for the first time in 2019.

The price of bitcoin has increased about 5% over the last 24 hours (source: coinmarketcap.com)

In the wake of the severe security breach at Binance, investors expected Fear, Uncertainty and Doubt (FUD) to reduce the market in the short term.

However, after an initial drop, the market quickly returned to about $ 5,500, eventually registering a gain of $ 600.

Can the dynamism of the Bitcoin price be maintained?

Over the past month, technical analysts and traders have indicated that the range of $ 6,200 to $ 6,400 would be the region that could revive the up-and-coming crypto-currency bull market.

May 3, analyst Alex Krüger World Markets m said:

BTC now at $ 5,750, the lowest in 2018 before the November crash. – The downtrend of 2018 has ended once above $ 4,200. – Above $ 6,400, the most traded price in 2018 is a bull market.

Vinny Lingham, a general partner at Multicoin Capital, also said that if the bitcoin exceeds US $ 6,200, it would mean the start of another big uptrend for Bitcoin.

"That said, if we can break $ 6,200 for BTC, this will probably mark the beginning of another big bullish race and could explode, but if it's pure speculation and other assets profit disproportionately to the value created, this is probably not going to end well yet! "Lingham m said At the beginning of April.

Last week, the price of bitcoin rose about 13.5% against the US dollar, a steady rise despite the uncertainties surrounding Tether, Bitfinex and iFinex.

Due to ongoing lawsuits against Bitfinex for allegedly manipulating $ 900 million of Tether's cash reserves to "hide" its $ 850 million loss, many anticipated that Binance would redouble investors' doubts on the market.

Perhaps because of Binance's ability to cover the loss of 7,000 BTC worth more than $ 41 million with corporate funds, piracy had virtually no impact on the price. bitcoin.

Since July 2018, Binance allocates 10% of all trading fees, which account for the majority of the company's operating income, to the Secure Asset Fund (SAFU), an insurance fund in the United States. use in the unlikely event of a title. violation.

"In order to protect the future interests of all users, Binance will create a secure fund for users (SAFU). Starting from 2018/07/14, we will allocate 10% of all negotiation fees received to SAFU to provide protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet, "said the Binance team last year.

While the market is recovering well enough from the incident, traders are considering, in the medium term, an amount of $ 6,400 as the next target for bitcoin.

Possible roadblock

One trader said that bitcoin was likely to continue its upward movement until it reached a level of major resistance that was too important for the asset to handle.

"I tend to think that this BTC rally will continue to accelerate until we meet a resistance that is just too big and too hard." I keep my desires open. Bear market finished. Bull market at? – I want to see how we treat $ 6,350. If we turn that into support – oof. I hope you bought the dip, "the trader m said.

The $ 6,400 level represents a high resistance level that bitcoin should overcome to properly signal the start of a new rally on the rise, and it is unclear whether it could exceed key resistance levels in days to come up.

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