After two weeks of a sideways slumber between $6,500 to roughly $6,000, Bitcoin prices appear to be waking up as the leading digital currency has reached a two-week high of $6,858.61.
“Potentially the market lull can form the basis for a strong movement in either direction,” wrote Alexander Kuptsikevich, analyst at FxPro. “In these conditions, the importance of the closest support and resistance levels drastically increases. In our case, these levels are $6,000 and $6,600 respectively. Going out of this tight range can likely strengthen the bitcoin movement.”
As of now, Bitcoin bulls are hoping to see the digital currency break out its current $6,000 support levels after it dipped slightly below the $6,000 mark in recent days, but has risen over 11% since. Bitcoin’s current price stands at $6,666.19 as of 11:00 a.m. ET–up 3.59% the past 24 hours.
The leading digital currency reached a high of $20,000 late last year, but has since fallen over 60%. Technical analysts are closely watching whether the digital currency can break through its current price levels–specifically, a move past a resistance level of $6,800 could signal another bullish trend.
Bitcoin ETN Available
A Bitcoin ETN is now available for investors who have been reticent to dive into cryptocurrencies can now invest in an exchange-traded note with the leading digital currency as its underlying asset. Per a Bloomberg report, American investors now have access to Bitcoin Tracker One and BTC ETN.