The price of Bitcoin (BTC) rose in Saturday’s trading, up 0.36 percent at time of writing with the digital currency trading around the $5340.5 mark.
It has been a rollercoaster trading session for Bitcoin, one of the more volatile cryptocurrencies over the last few days. Since Thursday, investors have seen a gradual rise above $5,100 in bitcoin price against the Greenback.
Having peaked at $5381 earlier on Saturday morning, as the hash rate hit a new four month high, Bitcoin (BTC) has pulled back a little, but still remains strongly supported in the crypto exchanges.
An increasing number of analysts and market commentators have been bullish in their bitcoin price predictions of late. The rally in Bitcoin (BTC) started on April 2nd, painting higher highs on the charts and providing a strong indication that the Bear market bottom is in.
The Bitcoin market as well as the crypto market in general has been relatively stable in 2019. Having hit a December 2018 low, some 85% off the $20,000 hit in December 2017, Bitcoin and other cryptocurrencies have been enjoying a bit of a resurrection.
Having broken through the key resistance level of $5300, rising 4 percent over the last week, Bitcoin’s next major resistance should be around the $6,000 mark. This is the important price level, which if broken, will act as a signal that bearish sell pressure is waning and that bulls (buyers) are back in control.
Will Bitcoin (BTC) Break $6000?
The powerful bullish movement that the Bitcoin markets have seen over the last near-three weeks show that the Godfather of Crypto is trading in a nice solid uptrend with no obvious obstacles in the way. Should the $5500 mark be passed in the current uptrend then there is nothing to suggest that the $6000 mark will not be surpassed sooner rather than later. The tight range that Bitcoin has been trading in is opening up, with higher highs and higher lows. The weekly MACD and RSI have been rising, indicating greater amounts of buying pressure.
If what we really are seeing is the bulls once again resuming control of the crypto markets then there is every chance we can see the highs of December 2017, even by the end of this year.
Bitcoin alpha Hedge Fund, Adamant Capital, said in a report concerning the future of Bitcoin released this week:
“While lower prices are still possible, Bitcoin’s fundamentals are gaining momentum. Embraced by Millennials, its ecosystem is developing at rapid clip, both as a decentralized bottom-up disruptive technology, and as an uncorrelated, highly liquid financial asset for institutional portfolios around the world,”
Having survived the consolidatory nature of 2018, Bitcoin has enjoyed a strong 2019. Now enjoying its strongest run for some time, the next few weeks could be crucial to the long term success or failure of Bitcoin as it nears the very important resistance level of $6000.
