3 things that make a key level of 6000 dollars for bitcoin

Since bitcoin prices flirted with $ 20,000 at the end of the past year, some adjustments have been seen falling below key support levels. But there is a level of support that works quite well up to now: $ 6,000.

Three explanations are given for this

One of these is technical. Speaking to Forbes, Benk Marks, founder and CEO of Blocktrade Capital, said, "$ 6,000 represents a 70 percent drop in Bitcoin's $ 20,000 peak in December 2017. The average decline in the nine Bitcoin fixes that have taken place so far is 64 percent, and if you look at long fixes that last only 50 days, you see that the average decline is 76 percent. Therefore, the decline of 70 percent living now is in line with historical figures. "

Marks says," Here we can talk about psychology.

Bitcoin, the COO and co-founder of the IRA, Chris Kline, said, "I think that Bitcoin is under 6000, and I believe it triggers something in investors and developers who are doing everything in common so that the price can not fall below 5000." What is important is not the price of $ 6,000. The important thing is that Bitcoin remains committed to this price range.

The president and CEO of Global Blockchain Technologies, Shidan Gouran, noted mining:

"Bitcoin 's' iron' iron 'is around $ 6,000, because the average cost of Bitcoin in mining is just under 5,000. The cost of producing bitcoins is over $ 15,000 in some countries and $ 500 in Venezuela. Yet fixed financial fallout is due to a combination of ongoing price speculation – and a premium over the spot price, spreading in the commodity trade. "

Gouran also noted that retail gold buyers generally pay 5 percent more than spot prices