Why is $ 5,800 Important for Bitcoin (BTC)?

The price of Bitcoin (BTC) has become quite volatile, especially after the leading crypto asset has dropped from $ 10,000 to $ 4,000.

Fluctuations in the price of Bitcoin can be said to be a situation that everyone is accustomed to. However, the fluctuations in 2020 caused unprepared seizures for both crypto asset investors and traders.

At the end of 2019, Bitcoin’s price was believed to be the lowest at $ 6,400. With the start of 2020, the leading crypto asset, which gained nearly 60% value, had managed to increase above $ 10,000. During this time, Ethereum (ETH) and other crypto assets gained 100% or more. Based on all these developments, it was pointed out that the bull run for Bitcoin started. However, at an unexpected moment, the global epidemic, the black swan incident, began and Bitcoin fell to the level of $ 4,000.

Due to these extreme fluctuations, a panic atmosphere began in the market and long-term trend lines were violated. However, Bitcoin returned to the $ 5,800 level very quickly. So why is it so important to the $ 5,800 level? According to a crypto analyst, the last stronghold of the bulls is $ 5,800 to keep Bitcoin’s long-term bull trend intact.

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The level at which Bitcoin fell during the bear market in February 2018 was $ 5,800. Also, the level that Bitcoin used as a launch pad before its rise in early 2019 was again $ 5,800. Despite this global collapse, the leading crypto asset continues to hold on to this level.

Rising up to $ 6,700 during the weekend, Bitcoin fell to $ 5,800 afterwards. As of writing, the leading crypto asset is trading at $ 6,354. Bitcoin could maintain its long-term bullish trend if the bulls continue to defend the $ 5,800 level. However, since the coronavirus is still out of control, this process may also result in the beating of the bears.