Bitcoin price rebounded sharply above 5,200 USD and the cryptocurrency is back in a decent uptrend, as it seems like it could climb towards the key 5,400 USD resistance area. The Bitcoin is currently trading at 5,245 USD, which represents a 3% daily increase. The appreciation came amid higher trading volumes and raising interest to the cryptocurrency market.
Meanwhile, the battle between Brazil and Argentina for the supremacy of the Bitcoin market in Latin America reached a new dimension. Cointrader Monitor, a monitoring tool that analyzes Bitcoin price movements in Brazil, announced that Brazilian cryptocurrency exchanges traded over 100,000 BTC on April 10, 2019. This seriously supported the cryptocurrency and gives new impetus to the bulls.
Other cryptos are only into the green with Ethereum adding 2.06% to 166.64 USD, while XRP appreciating by 0.73% to 0.32399 USD.
Bitcoin Cash is the only loser among the top cryptocurrencies today. It lost 1.31% to 312.07 USD.
The total cryptocurrency market value is estimated at 176.717 billion USD.
Bitcoin price analysis
Yesterday, the price of Bitcoin went back to the 4,940 USD support zone. The cryptocurrency found a strong interest in buying nearly 4,940 USD and later began a decent move upwards. It looks like the price is double-bottomed near 4,940 USD, which is a positive sign. Bitcoin broke the resistance of 5,100 USD and the 100-hour simple sliding average and began a steady upward move. Additionally, there was a breakthrough over the 50% Fibo rate on the last move from 5,186 USD high to 4,943 USD low.
More importantly, the main bearish trend line was broken at 5,110 USD. Finally, there was a break above the resistance zone of 5,150-5,160 USD (previous support). This opened the doors for more profits, and the cryptocurrency jumped to over 5,200 USD and 5,250 USD. The new weekly maximum was formed at 5,275 USD and the price is currently consolidating profits. Initial support is close to 5,200 USD and 23,6% Fibo rate on the last move from 4,943 USD low to 5,275 USD high.
However, the main support is close to the 5,150-5,160 USD (previous resistance) range. Under 5,150 USD, the price of Bitcoin can test the support of 5,100 USD and a 100-hour simple moving average. The 50% Fibo rate from the last move from 4,943 USD low to 5,275 USD high is also close to 5,109 USD. Therefore, current levels remain well supported at 5,160 USD and 5,100 USD.
The price of Bitcoin clearly bounced back into a positive area of more than 5,160 USD. In the short term, there may be a downward correction, but bulls are likely to protect 5,160 USD or 5,100 USD. On the upside, the initial resistance is close to the 5,275 USD level, above which the price can test 5,300 USD. Any extra profits are likely to set the boost pace to a level of 5,400 USD.
How strong will be the next bull run?
Many analysts consider that Bitcoin had already reached its low and the bulls are getting control of the market.
Historical analysis of Bitcoin’s previous boom and bust cycles indicates a new bull run would bring the price of the largest cryptocurrency to 68,000 USD.
According to the latest analysis, Bitcoin’s rate of return over time will likely continue to naturally decay, with each new bull run bringing around a 1/5 return from the previous run.
Bitcoin’s initial burst from 2 USD to around 1,000 USD represented a 51,000% return. The next bull run saw a 9,400% return, as Bitcoin went from around 200 USD to more than 19,000 USD. By that logic, a new Bitcoin bull run would boost the price of BTC by about 2,300%, to around 68,000 USD.