Bitcoin Price Retreats But Bull Case Intact Above $5.7K

View With prices holding above Tuesday's low of $5,687, bitcoin remains on track for a break above $6,000.

Bitcoin's bullish case is still intact after a pullback from 5.5-month highs, but prices must stay above key support at $5,700 to maintain that scenario.

The cryptocurrency market leader is currently trading at $5,820 on Bitstamp, down 2.5 percent from the 5.5-month high of $5,970 hit in the Asian trading hours on Monday.

Bitcoin is still holding above the April 23 high of $5,623, meaning the most of basic of all bullish patterns - a higher high and higher low - is still valid.

The long-term bias also remains bullish, with the price holding well above the 21-month exponential moving average at $5,296.

The cryptocurrency remains on the hunt for a break above $6,000.

So far sellers have not made their presence felt, allowing the price to hold above $5,687 despite a "Large scale security breach" at Binance, the world's largest cryptocurrency exchange by trading volume.

The series of higher highs and higher lows, ascending 5- and 10-day moving averages and channel breakout on the relative strength index seen above all indicate scope for a move above $6,000.

To start with, BTC has failed four times in the last five days to close above the key resistance of $5,780.

On the 4-hour chart, the Chaikin money flow index, which measures the money flow volume over a set period of time to gauge buying and selling pressure, is consistently producing lower highs, contradicting higher highs in price.