Jim Iuorio, a veteran futures and options trader who commonly contributes to CNBC’s Futures Now, has recently stated that $6,000 is increasingly looking like a pivotal support level for Bitcoin (BTC) moving forward.
While speaking with CNBC last Thursday on the floor of the Chicago Mercantile Exchange leading up to the recent close of the CBOE bitcoin futures contract, Iuorio broke down what he sees as technical indicators for the Bitcoin price action.
“$6,000 is a big deal. I don’t know why it’s a big deal but if you look at the charts, it’s clearly something. Every time it gets there, it gets rejected again. If it trades at $6460, about $60 above where it is now, we do this technique a lot called the stop in. We wait for a little bit of strength and try to jump in at the right time,” Iuorio said before Bitcoin spiked to $6,900.
Iuorio noted that the $6,000 support level will only be relevant if bitcoin retraces back below $6,210. Additionally, the lack of mappable fundamentals in the crypto market means that it is difficult to price bitcoin, but using technical analysis can result in price discovery.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.