Cryptocurrency markets are moving again today as fresh
enthusiasm, and around 5 billion dollars, flows back into digital assets.
Yesterday’s dip had all the signals of a larger drop off as
the crypto community squabbled over the fate of BSV following the Binance
boycott. Kraken followed
suit after an online poll
gathered over 70,000 responses and secured a 71% community vote to ditch the
maligned altcoin.
Bitcoin to $5,600 Before Any Pullback
Those shenanigans have been forgotten today as markets
bounce back and Bitcoin ramps up to its next resistance level. Analysts have
been looking for signals in the recent range bound chart patterns for the next
direction Bitcoin will take. Many of them are optimistic that it will make a
move higher before retreating;
Bitcoin needs to break resistance at $5,400 before any
further gains will be made. This is the highest point it reached on Thursday
last week so a retest of this level is highly likely in the next day or so. The
next resistance zone is around $5,600 but once this has been broken BTC could
surge to $6,000 very quickly.
Trader and analyst Luke Martin has eyed the $4,600 to $4,800
level as a more attractive entry point than current prices.
At the time of writing Bitcoin was trading at a five day
high of $5,250, up 3.3 percent on the day. Daily volume over 24 hours has
remained stable at over $11 billion and the move has pulled the rest of the
crypto market up with it. Since the beginning of April Bitcoin has gained 28%
and has remained above $5k for the best part of the month. BTC dominance has
also climbed to 52.3 percent as it drives market momentum today.
Total market cap is currently at $177 billion which is jump
of 3 percent on the day with an inflow of over $5 billion. Monero is performing
well at the moment with a gain of 6 percent on the day to reach $68. Tezos is
also back in bullish territory as it climbs over 9 percent to $1.15. BAT also
seems to be on a roll as it surges 12.5 percent today reaching $0.329.
Daily volume for the entire market is still over $40 billion
which is a bullish sign that further gains could be forthcoming. Since the
beginning of 2019 crypto markets have gained 40% as all memories of crypto
winter begin to fade with the coming of spring.
