Bitcoin is approaching some interesting levels as it stealthily moves higher to the chagrin of volatility traders, who tend to lose money in slow up-ticking markets. Last February 6th, btc briefly collapsed down to $5,900 before ratcheting back up and returning back into the $8000 zone shortly thereafter.
Of course, as the year wore on, the shorts reasserted their glory & pile-drived the market into seeming oblivion as digital assets ended the year basically at their 12-month lows.
Recapturing this $5,900 level, if it were to happen, would be a moral victory of sorts, in my estimation. It would indicate that the market finally has demonstrated a modicum of resilience, frankly, we haven’t been able to muster for a long time.
You know, technical analysis is hardly a panacea, and you have to be very careful not to read too much into it. But at the same time, I do know from my years of trading experience that bigger players use these support and resistance points as a type of benchmark to price assets.
At any rate, I can’t imagine I am the only person looking at a btc chart and thinking: “If we can breach $5,900, things may get somewhat interesting.”
All day, everyday now I am learning about the crypto plumbing system being built. Capital markets are, indeed, coming to crypto.