Now that Bitcoin has breached $6,000, it should be melting away, but I suspect enough major players realize how vulnerable crypto is at these levels that they are doing a yeoman’s job keeping things propped up for now. From a support/resistance perspective, there is little in the way of support at these levels, however. One piece of bad news from some corner of the earth should start things sinking in earnest.
If you examine how much volume took place at extremely high prices, you can know for a fact that there are a lot of buyers who either lost a lot of money or are still holding on to big losses (and are hoping a HODL attitude will save them). Just keep this in mind; there are a lot of pissed-off newcomers out there.