The only reasonable explanation is that Bitcoin has just made a golden cross for the first time since 2015. In other words, the 50-day moving average has crossed upwards through the 200-day moving average. Some traders see this as an immensely significant event and doubtless are buying Bitcoin as a result. This is keeping BTC afloat, at least for now. But it still faces strong resistance now at around $6000, as this is the level where it started plunging downwards last November. I remain long, but cautious, with a tight stop-loss.
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