{"id":20154,"date":"2019-05-03T18:23:43","date_gmt":"2019-05-03T18:23:43","guid":{"rendered":"http:\/\/ci027cfe77900b2697"},"modified":"2019-05-03T18:23:43","modified_gmt":"2019-05-03T18:23:43","slug":"bitcoin-price-analysis-bitcoin-ready-test-6000-level","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-price-analysis-bitcoin-ready-test-6000-level","title":{"rendered":"Bitcoin Price Analysis: Bitcoin is Ready to Test $6,000 Level"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-price-analysis-bearish-market-structure-breaks-with-a-single-20-move.jpg\" title=\"\"><\/figure>\n<div class=\"youtube-embed\" data-video_id=\"4GfWz6-il9Y\"><iframe loading=\"lazy\" title=\"Bitcoin Magazine Episode 9:  Bitcoin is Ready to Test $6000 Level\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/4GfWz6-il9Y?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<h3>Summary:<\/h3>\n<ol>\n<li><a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> continues to see strong buys following the news that shook out the market just one week ago. The short count continues rise and the bears are now drowning a slow, steady climb to new highs. Once these shorts close, we will very likely see a cascade of buy orders hit the market, known as a \u201cshort squeeze.\u201d<\/li>\n<li>Now that we\u2019ve climbed out of the \u201cno-mans-land\u201d described over the last few weeks, we are encountering a potential area where supply might start to hit the market. So far, however, we haven\u2019t seen much supply. All we\u2019ve seen is a slow, steady grind that is absorbing every bit of selling pressure.<\/li>\n<li>The <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">bitcoin market<\/a> is currently on the verge of breaking out of a large consolidation pattern known as a \u201cTilted Flag\u201d and has a staggering price target in $7,000 region. This price target lines up with a deep test of well-known resistance. It\u2019s unclear whether the market will reach its measured move in the $7,000 area, but with all the shorts deeply under water, I definitely wouldn\u2019t rule out that possibility.<\/li>\n<\/ol>\n<blockquote>\n<p><em>Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.<\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The bitcoin market is currently on the verge of breaking out of a large consolidation pattern known as a \u201cTilted Flag\u201d and has a staggering price target in $7,000 region.<\/p>\n","protected":false},"author":3439,"featured_media":20032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[345,2069,468],"class_list":["post-20154","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-price","tag-price-analysis","tag-trading"],"author_data":{"id":3439,"name":"Bitcoin Schmitcoin","nicename":"bitcoin-schmitcoin","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/cropped-bitcoin-schmitcoin-promo-image-1-2-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-price-analysis-bearish-market-structure-breaks-with-a-single-20-move.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3439"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=20154"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/20032"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=20154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=20154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=20154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}