Bitcoin price is going up again on Wednesday, extending Tuesday’s monster rally of over 15%. Early Tuesday morning, BTC ballooned to about $5,080, breaking its long-term resistance level of $4,200. For months now since its infamous crash last year, BTC has struggled to surpass the $4,200 mark, and this begs the question as to whether the cryptocurrency pack leader is en route to its former glory.
At the time of writing, Bitcoin price is trading at $5,060, up 4.86%.
Is It a Steady Rally?
It is not clear what might have triggered the 15% spike, making it even harder to speculate if this is the beginning of a bullish trend or if this is just a one-time thing before prices retreat again below $3,200. However, if Bitcoin breaks out past the $5,200 mark in the coming days, the case for a bull market becomes much stronger.
Bitcoin enthusiasts like Alex Kruger believe that crypto is transitioning to a bullish trend.
“This is not a call. Not a matter of aging well or not. A break above $4,200 technically ends the bear trend that started Jan 2018. Facts don’t care about opinions. If strong selling resumes later on, that would represent a different trend,” commented Kruger
Bitcoin price has suffered a bearish trend for close to five months now, making Tuesday’s mysterious price surge the highest since November 19th. The crypto’s spike incited an upsurge of other digital coins like Ethereum, which rose by 25%; Bitcoin Cash gained 50%; and Litecoin went up by 40%.
Before you invest in cryptocurrency, though, consider the advice of certified financial planner Peter Mallouk: “What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse.”
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Elsewhere in the Industry
In what appears to be an optimistic move, Canaan Creative unveiled new mining equipment, including a next generation of A10 chips with a hash rate of 31TH/s. Crypto mining has been a deserted field lately, as the recent bear run made it difficult for mining enterprises to pull in a profit.
In related news, contrary to reports that swirled the web on April Fool’s day, the SEC has yet to announce its stance on VanEck and Bitwise’s applications for the launch of a Bitcoin ETF. The authority extended the application for another 90 days.
Featured image: DepositPhotos © kentoh
