Bitcoin (BTC): Cryptocurrency price soared to $6,100 – what’s next?

The bitcoin price has increased by more than five percent in the past 24 hours from around $5,800 to $6,098, breaking out of the $6,000 resistance level for the first time in 2019. Following the high profile security breach of Binance, investors expected fear, uncertainty, and doubt (FUD) to drive the market down in the near-term.

However, the market swiftly recovered from an initial fall to around $5,500, ultimately recording a $600 gain on the day. Throughout the past month, technical analysts and traders have pointed toward the $6,200 to $6,400 range as the region that could rekindle the bull market of the dominant cryptocurrency.

On May 3, global markets analyst Alex Krüger said: BTC now at $5,750, 2018 low prior to the November crash. – The 2018 bear trend ended once above $4,200. – Above $6,400, 2018’s most traded price, it’s a bull market. Vinny Lingham, a general partner at Multicoin Capital, similarly said that if bitcoin surpasses $6,200, it would signal the start of another major bull run for bitcoin.