The $6,000 Mark Now Seen as A Crucial Support Level For Bitcoin

Bitcoin’s $6,000 price level has been considered a vital level by Rivemont Crypto Fund, based in Canada. The factors responsible for this claim are posted on the company’s Facebook account.

The next movement of Bitcoin price has been a topic of discussion within the crypto space for a while now. For most of the Q2 2018, Bitcoin price has been trading around this support level.

The Bitcoin price movement for the past couple of months shows a great expectation of recovery following an unexpected increase towards the end of 2017. But, the market trend for the past couple of weeks has left a lot of investors worried as many digital currencies continue to lose value.  The current losses come on the heels of failed attempts to get a Bitcoin ETF approval from the US Securities and Exchange Commission and other factors that significantly affected the price movement for Bitcoin and many other cryptos.

Even though the most recent upward surge of Bitcoin prices which rose above $8,000 resulted to some positive hope among investors and traders, the decline that came after that has raised major concerns as more and more participants are now unwilling to invest in the crypto market.

The present mood of the market indicates that everyone is waiting for a trigger or a factor in the form of an ETF or some other important occurrence before they can decide. With such attitudes, especially for those connected to Bitcoin-based ETF, the current lull is painful. However, Dan Morehead, CEO of the Pantera Cryptocurrency Fund has recently commented that such things should be expected from market players.

Rivemont Crypto Fund does not exclude itself from being part of the concerned players currently taking a ‘wait and see’ attitude towards the market situation.