Search ForexCrunch
  • Bitcoin is vulnerable to intraday correction.
  • BTC is the most profitable asset since the start of the year.

BTC/USD hit $6,097 during early Asian hours before retracing to $6,035 by the time of writing. The world’s most popular digital asset broke above psychological $6,000 and managed to keep the gains despite some negativity injected by Binance hack. This development might signal that the recovery is on track.

Bitcoin has been growing faster than the traditional assets including oil, hi-tech equities, property and gold, according to the latest updated from Binance Research. Thus, since the start of the year, Bitcoin has gained over 50%, while oil has grown by 33%. Equities climbed 18%, while gold has become 1% cheaper.

Bitcoin’s technical picture

While the long-term Bitcoin’s trend remains bullish, on the intraday interval the coin is vulnerable to technical correction as the Relative Strength Index (RSI) points downwards, ready to exit an overbought territory. The first barrier comes at $6,000, however, the correction may be extended towards $5,800 supported by the middle line of 4-hour Bollinger Band.

On the upside, a sustainable move above $6,100 will open up the way towards $6,335. This barrier is created by SMA100 weekly.  

BTC/USD, 4-hour chart