Bitcoin Moves toward Breakout Again, Trades at $59K
Bitcoin – the world’s biggest and most popular cryptocurrency by market cap moves toward breakout level again, trades at $58.8K at the press time amidst the recent rally in the crypto space.
The uptrend represents a huge improvement over the $54,000 it was at a few days ago and the $49,000 per unit it was stuck at early last week.
Some crypto analysts believe the digital currency asset will likely continue its bullish patterns into the month of May. Bitcoin did not move the way many derivative traders expected this month.
Bitcoin Price in Recovery Mode, Faces Resistance
Data from crypto exchange shows that Bitcoin turned upwards, rising to $59,000 after weeks at low $50ks or even below it following a correction from the all-time high of $64,000.
The crypto has watched eth moon and moon, doge bull run, as well as other cryptos like BCH showing significant gains.
All that time bitcoin has stayed there quietly, ranging in that 50k forever, but for the past couple of days it has been moving and on its own.
With much weakness we must say, like some heavy, tired and scared bull climbing, with the price retracing often in at times confusing patterns.
But it has been moving and the reason may be that eth has slowed down its crazy fast bull run of $1,500 in about a week from $2,100 to $3,600 with it now seemingly kind of more following bitcoin.
The doge run may well be over later today as well, or it heads off to $1 parity, with it potentially the case now that people are looking at bitcoin again.
If so, this may $70k perhaps even this month, and then might even $80k where it might range for a few weeks.
Picking up autumn at $80k would be the face melt scenario, as at some point if mania takes hold this should start moving in $10k candles to perhaps rise in about two months between November and December from $100k to $500k.
Nonsense, may well be the right answer, or since that is probably the default answer for many, it is what we actually get.
For now, just getting back to the $60ks and ranging there would be nice enough as the bull maybe has been awoken again.
Bitcoin Moves toward Breakout Again, Trades at $59K
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source https://dmarketforces.com/bitcoin-moves-toward-breakout-again-trades-at-59k/