Bitcoin can facially restore as it approaches second resistance level of $ 6,400

The Crypto community was happy to find out that Bitcoin could increase by $ 6,000 for the first time since the crypto course died to 2018 declines of $ 3,200 in December.

Analysts now pay close attention to $ 6,400 to see how crypto responds to this price, so many analysts believe that there is a significant level of resistance at this price that can lead to a withdrawal that can provide a good entry point for fresh long positions.

Investors Celebrate as Bitcoin (BTC) Breaks Over $ 6,000

At the time of writing, Bitcoin is trading up 2.6% to today's $ 6,080, down from the $ 5,900 daily downturn set yesterday.

Over a week's period, BTC has been able to significantly increase and climb from low level of $ 5,500 to heights around today's price level, marking a major extension of the upward momentum that the cryptocurrency gained in early April when Bitcoin rapidly increased from the low $ 4,000 region into the $ 5,000 region.

Although the latest series of price increases has been undoubtedly bullish, analysts still warn traders to express caution before "fomo-ing" in crypto, as a retrace may be inevitable.

Lucid TA, a popular crypto analyst on Twitter, expressed this feeling in a recent tweet, noting that traders should carefully look at the next retrace, as it could mark a great opportunity for new long positions.

"A reminder of those who feel fear and FOMO ̵[ads1]1; $ BTC always reflects. Big spills are par for the course. Expect them and don't be shaken by them. They can provide good buying opportunities for those who are able to keep his conviction, "he said, referring to the diagram below.

A recall can secure after BTC Hits $ 6,400

For what price level can spark The next retrace, there is a general consensus among analysts that $ 6,400 will be the next level of strong opposition that BTC faces, which could lead to a drop suggesting $ 6,000 has become a level of support.

"$ BTC> $ 6,000. Mission accomplished. Next level is $ 6400, the most traded prize in 2018," Alex Krüger, a popular economist who focuses on cryptographic baskets, explained in a recent tweet.

Josh Rager, a Another popular crypto analyst on Twitter echoed Krüger's thoughts, explaining that he believes that $ 6,450 is an "epic" resistance level that, if it comes to a support level, would be "angry bullish" for cryptocurrency.

"The most epic $ BTC resistance awaits. Do not think that BTC blasts through this area easily, this resistance is bearish strong. A flip to support over $ 6450 would be angry bullish, IMO if $ BTC closed, it will not closed back under. Currently, there is a primetime pullback zone, "he noted.

When the week goes on, both analysts and traders will be careful to see if Bitcoin is able to find stability over $ 6,000, which may allow it to increase higher before hitting any areas of significant resistance.

  Featured image from Shutterstock. 

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