Bitcoin price edged higher today, rising by 1.5% to 5,162 USD. The cryptocurrency is getting strong support around 5,100 and the bulls dominate the market, keeping the trends up. So far this month the bulls make serious moves on the market.
It is important to note that Bitcoin and the aggregated markets have seen continuously declining trading volume over the past seven days, which may signal that the markets are gearing up for a large price swing in the near future. After successfully staying over 5,000 USD, analysts believe that the power of the bear market is losing influence, and given the upcoming halving, many believe the crypt token begins the next bullish market. Unlike the moods of 2017, most analysts today talk about conservative numbers.
Other cryptos are also into the green. The Ethereum is up by 1.6% to 166.50 USD, while XRP is trading with an increase of 0.36% to 0.3273 USD. Bitcoin Cash is among the biggest gainers today, rising by 7.13% to 298.97 USD. Litecoin, EOS and Binance Coin edged higher by 3.8%, 2.6%, and 2.5%, respectively.
The total value of the cryptocurrency market on Monday is 175.587 billion USD.
Bitcoin price analysis
Last week, there was a serious adjustment below 5,200 USD in the price of Bitcoin. The cryptocurrency even picked up 5,000 USD and traded at a low of 4,920 USD. Later, the price consolidates in the range and forms decent support above the 4,950 USD level. Finally, the price started a new rise and traded above the resistance levels of 5,040 USD and 5,120 USD. The buyers have gained adhesion and pushed the price above the 5,150 USD and the 100-hour simple moving average (SMA).
Additionally, the price broke the 23.6% Fibo adjustment rate of the last move from 5,464 USD high to 4,920 USD low. More importantly, there was a breakthrough over the main bearish trend line with a resistance of 5,080 USD. The pair is now traded above the 5,150 USD and the 100-hour simple moving average. It is trading close to the 5,200 USD resistance and the 23.6% Fibo adjustment rate of the last move from 5,464 USD high to 4,920 USD low.
It needs a break above the 5,200 USD level for more profits. The next key resistance could be 5,255 USD and 61.8% Fibo adjustment rate of the last move from 5,464 USD high to 4,920 USD low. Successful closing above 5,260 USD could open doors for a strong rise to 5,330 USD. On the downside, the 5,120 USD resistance is likely to act as solid support.
The price of Bitcoin has clearly climbed to a positive area above 5,120 USD and a 100-hour SMA. Drops from current levels are likely to have a strong buying interest of over 5,100 USD. On the upside, a break above the 5,200 USD and 5,260 USD levels can really boost market sentiment in favor of buyers in the near future.
Monthly analysis of the cryptocurrency market
The bulls dominate the Bitcoin market since the beginning of April. Many analysts underline that the month is particularly strong for cryptomarkets.
Things got serious early this month after Bitcoin rose over 5,000 USD. The currency has been trapped in the bearish market for more than a year, falling from its high of 20,000 USD in December 2017, to a range of about 3,000 USD in October 2018.
Some analysts thought the market would never recover.
Bitcoin was not alone in this downturn, with coins like Ethereum falling by over 90%. Bitcoin’s first rival and second-largest market capitalization cryptic dropped from its highest values from nearly 1,400 USD in February 2018 to less than 100 USD.
Same happened to XRP, Litecoin and Bitcoin Cash.
Although we are not close to the December 2017 prices, April put the cryptocurrencies on the right path. Bitcoin has risen to a new high while Altcoins follow it. Ethereum, for example, reached about 176 USD, while Bitcoin Cash returned to almost 300 USD.
However, some currencies still suffer. EOS, for example, has recently rallied with other similar digital assets but fails to compensate the declines. The price fell from about 5.83 USD to a little over 5.30 USD, marking a drop in prices of nearly nine percent over a relatively short period of time.
The good news is that there is not enough evidence to support the sale. The currencies are likely to face small fluctuations during the month, which will probably shake them from top to bottom, but it will not be too serious.