Bitcoin price jumped to a 4-month high, exceeding the threshold of 4,600 USD and targeting even higher levels. The world’s largest cryptocurrency shot up 17% within 30 minutes on Tuesday to 4,838 USD, before falling into a correction. Currently, the Bitcoin is trading with an increase of 13% on a daily basis at a price of 4,668 USD. The large increase was accompanied by a large injection of a daily bullish volume.
Following the sharp increase, the analysts suggested that the bear market could be coming to an end and the bulls may return, but many investors are still cautious as the cryptocurrency market is vulnerable to large scale speculations.
Other cryptos are also on the rise, but at a quite smaller pace. Ethereum rose by 5.4% to 150.01 USD, conquering important threshold. XRP added 5.1% to 0.3275 USD, while EOS appreciated by 7.8% to 4.52 USD.
Litecoin also performed particularly strong with an increase of 8.8% to 65.96 USD.
Among the biggest winners in the cryptocurrency market are also TRON and Monero, which added 11.31% and 9.27% to their value.
Thus, the total value of the crypto market expanded to 159.248 billion USD.
Bitcoin price analysis
The price of Bitcoin jumped by 13% to 4,668 USD, breaking the resistance levels at 4,200 USD, 4,420 USD and 4,567 USD. However, the level of 4,750 USD and 4,800 USD proved to be major resistance and the buyers cashed out the early gains.
On Monday, a technical analyst in the cryptocurrency market said that an 80 million USD sell wall was awaiting above 4,200 USD, and buyers had to absorb 80 million USD to push the bitcoin price above the highly anticipated resistance level. Once the level was broken, it triggered a short squeeze on major trading platforms, intensifying the upside movement of bitcoin.
Moreover, through the growth Bitcoin regained its crypto market dominance, raising it from 50.2% to 51.6%. Many analysts believed that 2019 was the year that the Altcoins would edge the king coin in market dominance and institutional investors would chide Bitcoin for other multi-faceted options.
Although we have to still be cautious. The top cryptocurrency remains under its 200-day moving average, which has been a pseudo-overarching resistance for BTC throughout much of 2018. Analysts had earlier said that even if Bitcoin manages to break the important resistance of 4,200 USD, it has to still cross 4,600 USD, which it just did. However, now there are chances of mass sell-offs by day traders.
Bitcoin just posted two-consecutive months of gains, having increased by more than 10% in the first quarter this year. As reported, the Bitcoin bottom has already occurred, as there aren’t additional sellers coming.