But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.
that's how i felt about the price action in 2015. we kept hammering the $200 area (sometimes wicking below for a short time) and bouncing back. for me, that's usually a sign that support will fail and we should be ready for lower levels.
but amazingly, the level held. and if you look at the bitstamp chart and cut off the wicks, it looks like a quadruple bottom.
honestly, you never know with BTC. sometimes we find unicorns on the charts here.
So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.
what about a simpler explanation: strong demand exhausts supply. demand from investors. it doesn't matter who they are or why they're buying, but that's more believable to me than miners perpetually propping up the price.
