Bitcoin topped at 7,500 USD on Sunday noon, but later fell in correction and declined to 6,900 USD. The cryptocurrency started the uptrend on Saturday and rose from 5,800 USD to 6,800 USD, rising even more on Sunday, reaching a 9-month high at 7,500 USD. The Bitcoin year-to-date net rebound up to 140%. The broader cryptocurrency market tailed bitcoin’s uptrend, with a majority of top assets posting double-digit gains, including Bitcoin Cash, Litecoin, EOS, and Ethereum. Even Bitcoin SV, which lately faced trading ban at several cryptocurrency exchanges, saw a 10% appreciation.
Unfortunately, after reaching the key threshold, the Bitcoin lost ground and sellers appeared, which pushed the price down back to 6,849 USD at 01:07 p.m. ET.
Other cryptocurrencies were also on the rise during the weekend but went in a correction on Sunday. Ethereum is trading at 183.85 USD, XRP at 0.3076 USD and Litecoin at 84.19 USD.
The only cryptocurrency, which is still trading with an increase and avoided the correction phase was Bitcoin Cash, which appreciated by 4% today to 340.07 USD.
Following the recent climb of Bitcoin and Altcoins, the cryptocurrency market value rose to 206.593 billion USD.
Bitcoin price analysis
Last week, Bitcoin’s price picked up a strong upward move after breaking the 5,800 USD resistance.
The cryptocurrency surpassed many obstacles close to 6,000 USD, 6,200 USD and 6,400 USD. The price even broke the key resistance levels at 6,850 USD and 7,000 USD. Finally, there was a rise of over 7,200 USD and the price was well above 100 SMA. The price was traded at a new peak for 2019 at 7,500 USD and was recently adjusted.
Bitcoin was traded below 7,200 USD. The price even fell below the level of 7,000 USD, but the 6,850 USD proved to be strong support.
There was a sharp jump after the price tagged the level of 6,850 USD. There is also a big whistle trend line with the support of 6,750 USD.
Instant resistance is 7,000 USD and 7,220 USD, over which the price can test 7,400 USD. Any further increase will push the cost to a resistance level of 7,500 USD. Over 7,500 USD, the next key target for bulls could be 7,800 USD or even 8,000 USD.
The price of Bitcoin is in a strong upward trend over 6,850 USD. In the short term, there may be fluctuations near 6,850 USD or even 6,600 USD. However, the bulls remain in control and will probably aim for a new peak of over 7,500 USD in the next sessions. It would be interesting to see how the market reacts if the price reaches 8,000 USD in the next 24-48 hours.
Can Bitcoin climb back to 20,000 USD?
The recovery of the Bitcoin after the collapse last year is just in the beginning. According to some experts, this might be the new revival of the cryptocurrency.
Bitcoin bull Michael Novogratz told that the cryptocurrency will triple over the next 18 months and return to its all-time high of nearly 20,000 USD.
“Out of the rubble, Bitcoin has popped back up”, said Novogratz from the sidelines of the SALT Conference in Las Vegas.
The notoriously volatile cryptocurrency is currently worth around 7,000 USD, surging up from 3,100 USD last December.
Novogratz, a former hedge fund manager and Goldman Sachs investment banker, doesn’t believe bitcoin will return to those lows. The catch would be if there was a devastating hack against a crypto exchange or a sudden shift in regulation.
Confidence did not appear to be shaken by a massive security breach at one of the world’s largest currency exchanges. Bitcoin prices rallied despite the news that hackers stole 40 million USD of Bitcoin from Binance, a Taiwan-based company.
“For institutions to feel comfortable, you’ve got to have a lot less of this”, said Novogratz.