The price of Bitcoin slid slightly to 5,148 USD, but the bulls still dominate the market and we might be at the beginning of the cryptocurrency flight back to 20,000 USD, or even 100,000 USD, as many analysts claim. The cryptomarket is back into the green last week with the price of main coins jumping significantly to their year-to-date highs. Bitcoin prices are up by 25% in the last week after a strong investment by high net-worth investors and corporations.
Ethereum is trading at 167.22 USD, while XRP is at the level of 0.3575 USD. Litecoin fluctuates above 90 USD, currently trading at 92.23 USD, while Bitcoin Cash is at 319.60 USD.
Altcoins like EOS, Binance Coin and Stellar also registered significant growth during the last week.
The total value of the cryptocurrency market expanded to 179.508 billion USD.
Bitcoin price analysis
Last week, the Bitcoin started a strong upward movement after conquering the resistance of 4,200 USD. The cryptocurrency climbed above many resistance levels, including 4,400 USD, 4,600 USD and 4,800 USD.
Buyers have even been successful in a breakthrough of over 5,000 USD, plus closing over 100-hour SMA. Bitcoin’s price traded above 5,200 USD, and a new peak for 2019 was formed at 5,358 USD. Later, the price started downward and traded below 5,200 USD, currently fluctuating near 5,148 USD.
There was a break below the 50% Fido retracement rate of the last movement from 4,128 USD to 5,358 USD. However, the decline was limited and the price found support near the 4,750 USD level.
The 50% Fido retracement rate of the last movement from 4,128 USD to 5,358 USD also acts as strong support. Recently the price has started a new increase and moved above the resistance levels of 5,000 USD and 5,100 USD, which is a positive sign.
Initially, there was a significant upside-down channel formed with the support of 4,900 USD. The pair is likely to keep going up as it recently broke the resistance level of 5,060 USD. Most likely the price will break 5,358 USD. The next stop could be 5,400 USD, over which the Bitcoin is likely to jump to the 5,600 USD resistance level in the near future.
The cryptocurrency price is clearly traded at a steady upward trend over the 4,900 USD support area. If there is a downward fall below 4,900 USD, the price may return to a support level of 4,750 USD.
The next big boost is 4,500 USD, where buyers are likely to take a stand. In the short term, there may be moves in the range before the price goes up to the level of 5,400 USD or 5,600 USD.
Bitcoin price targets 6,000 USD
Most analysts have bullish sentiments on Bitcoin, and although some claim that bears have not lost control yet, the arrangement of candles and technical indicators assure us that the Bitcoin bulls are on the move. The next goal, which seems easy to reach, is 6,000 USD.
Bulls are stable and gradually move to 5,800 USD and 6,000 USD. As mentioned earlier, Bitcoin is traded within an upward breakthrough model.
Moreover, as the bulls are strong over 4,500 USD, and more importantly, they are strong above the psychological level of 5,000 USD, the monthly top of the largest crypto-gravity moves above the critical line of resistance seen on the weekly chart.
Given that we do not see a correction that would bring the price back to about 4,500 USD, it is likely that there will be an influx of buyers of 5,200 USD to over 6,000 USD.