Recently, a Canadian-based crypto fund – Rivemont, described the $6k price level of Bitcoin (BTC) as a crucial support level. The firm left details of this discussion on their Facebook page where they also discussed some of the factors that led to this conclusion.
Bitcoin (BTC) Finds a Strong Support Area
The next direction of the price of Bitcoin (BTC) has been a persistent subject in the crypto space for quite some time. For the most part of the second quarter of this year, the value of the digital currency hovered around this level with several bounces off a key support.
The price action of the digital currency over the past couple of months showcases a largely anticipated retracement after an extraordinary upwards acceleration towards the end of last year. Nevertheless, the behavior of the market over the past couple of weeks has continually upheld the sentiment of participants.
This is as a result of the anticipation of an exchange-traded fund (ETF) approval, as well as other developments that could have a positive impact on the values of digital currencies significantly. While the recent uptrend that saw the value of Bitcoin (BTC) over the $8k mark plotted some upside optimism among traders and investors alike, the setback that accompanied the uptrend has made investors and traders more cautious.
The Prevailing Attitude of the Market
The present attitude of the market tends to be in line with the suggestion that everybody is waiting for a catalyst/trigger in the form of an ETF approval or another major event to enable them to make a decision. This predominant attitude is now considered as normal. Especially those related to ETFs for Bitcoin (BTC).
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is presently worth $6,420 in exchanges after a 1.5 percent increase in its value over the past twenty-four hours. The current market cap of the digital currency is $109.30 billion and its trading volume over the past twenty-four hours is $6.04 billion.