By CCN: According to prominent technical analysts including Peter Brandt and DonAlt, the bitcoin price is facing strong resistance at around $6,000 and is vulnerable to a correction in the short-term.
“Just an opinion — there is a chance BTC is topping here, having met its price target at key resistance. A correction could occur before another move toward 6500, then a more significant correction,” Brandt said.
Brandt’s forecast comes after the bitcoin price has surged by 10 percent within the past week against the U.S. dollar, demonstrating strong momentum.
But, over the medium to long term, technical analysts remain fairly positive about the price trend of bitcoin and only expect temporary corrections to occur in the near-term.
Bitcoin Exchange Scandal Encourages Traders to Proceed With Caution
Based on the data provided by OnChainFX, the “real 10” daily volume of bitcoin, which calculates the legitimate spot volume of the dominant crypto asset using the methodology of Bitwise Asset Management, is at around $435 million.
In early March, Bitwise reported that the real daily volume of bitcoin taken from exchanges with at least $1 million in verifiable daily volumes such as Kraken, Binance, and Bitfinex was around $270 million.
— Bitwise (@BitwiseInvest) March 22, 2019
“When you remove fake volume, the real BTC volume is quite healthy given its market cap. Gold’s market cap is ~$7 trillion with a spot volume of ~$37 billion implying a 0.53% daily turnover. Bitcoin’s $70 billion market cap would imply a 0.39% daily turnover, very much in-line with that of…