Rivemont Crypto Fund, based in Canada, has described $6,000 Bitcoin (BTC) price as a crucial support. The details and factors that led to the conclusion of this description have been posted on the firm's Facebook account.
The next direction of BTC price has been a loitering matter within the crypto ecosystem for such a good time. For most of the second quarter of this year, BTC’s price has lingered around this level with several bounces off a strong support.
BTC price action in the past few months shows a highly expected retracement after an unprecedented soar towards the end of last year. Nevertheless, the crypto market action of the last few weeks goes on to uphold the common sentiment of people in the industry. This is in the emergence of the expectation of a BTC ETF approval, and other factors that could significantly influence and affect the trend.
While the latest upward shift which saw BTC price increase above $8,000 created much hope among investors and traders, the drawback that preceded has reintroduced an environment of caution as traders and investors appear to be sitting on their hands.
The present mood of the crypto market tends to agree with the sentiment that everyone is holding their breath for a trigger in the kind of a BTC ETF or any other important event before making a decision. This current attitude, particularly those associated with a BTC-based ETF is now considered normal. This is indicated in the post by acknowledging Dan Morehead, CEO of the Pantera Crypto Fund's remark where he sees no hyperbole with the major actions of crypto market players.
Rivemont Crypto Fund doesn't grant immunity to itself from being among the careful and tentative players in the crypto market climate. The Rivemont makes identified details of its portfolio allocation by the period of making the Facebook post, with 72.2% earmark in Cash, and 19.4% and 8.4% earmarked to BTC and Ethereum respectively.
After vigorous correction of the past two weeks, it is still ambiguous whether the recent bounce off the $6,000 support is enough to start a trend reversal. Any adverse move will only show another change in direction that is temporary like many prior price actions around the same region.
Many prognoses overflow in the BTC ecosystem, all alluding the probable temporary direction of price, particularly as we come closer to the fourth quarter of 2018. A mutual denominator that goes across all these analysis and prognoses is the reference being set to the crucial support around $6,000 BTC price region.
While the crypto market expects some significant decision, certainly from the regulatory agencies, it is more distinct that technically, crypto market makers and big players have their mind fixed on a support that is demonstrating significant in the life of BTC and by extension, Crypto in particular.