An interesting possibility is likely to occur with the big bull as it keeps pushing on strongly despite the swiftness in the rise and fall of its trading price. Yesterday, ZyCrypto reported that Bitcoin had amassed an impressive gain that moved it from the $6,400 to a new standpoint of $6,500.
The bull climbed up to as much as a trading price of $6,553 before it recorded a downside, moving it below $6,510 and progressively dropping it at the $6,400 dollar range it had recently just broken out from. While this is likely to put traders in skepticism, Bitcoin charts showed significant bullish trends; the RSI breakout.
As at when Bitcoin was trading at 6,553, the bull hit the resistance level of $6,500 to $6,550 in such swiftness that price gain was expected to surpass the nex next resistance level if $6,650 and $6,800.
South Korea’s trading volume had also impacted greatly on yesterday’s Bitcoin price, as it did in the close of 2017 when investors tripled in their numbers, moving the price to an impressive $5,000.
In the last 24hrs, South Korean exchange giant Bithumb had recorded a whopping $666,658,444 Bitcoin to Korean Won transaction, skyrocketing its price up above $3.1 billion to beat Binance and Okex whose trading prices were both at $891.4 and $759.0 respectively. South Korea’s trading price has reached 15% in a span of two days and is currently up to $3.58 billion at the moment of writing.
With South Korea’s present trading volume movement, Bitcoin may breakout of $6,511.72 and bounce back up to a major resistance level of $6,550 – $6,650.