A couple of days ago as Bitcoin’s price was moving sideways around 5,200, the road to a USD 100 increase seemed like a long way to go. But the mother of all cryptocurrencies is trading at USD 5,343 as we write this, so it has just crossed the $5,300 resistance level. Let’s review the market’s state as of two days ago.
Bitcoin was drifting around USD 5.200,00 after it went up by a meager 2.2%.
It found a bit of an obstacle, but it kept going up after it started the week (for the second consecutive week) on bullish tones. The previous weekend wasn’t that good. The market experienced something of a correction that saw the price go back down to the USD 5.000,00 level. But Monday’s events proved that the drop wasn’t significant in its own right, but rather a typical weekend bearish run, which is nothing special and tends to happen 52 times a year.
That’s all cosmetic. The central, more meaningful point, would be to find out if Bitcoin’s price will find it’s way back to its yearly highest value so far (USD 5.417) which happened on April 10th, exactly a week after the USD 1.000.00 spike that changed the market inside of a single hour. Some analysts (especially one at Forbes) are on record signaling the six thousand level as an easy target to reach in the short term. But technical resistance levels are much lower than that, so it’s a tricky prediction.
And things are not good for Bitcoin only. As the cryptoverse’s premier coin, and as the base coin for cryptocurrency trading in most exchanges, Bitcoin’s influence in the market is such that when it goes up, the whole market goes up.
Even Bitcoin Cash SV (BSV) which has been something of a disaster since it came online a few weeks ago (and has been decried as a toxic element in the cryptosphere by some crypto exchanges and by none other than John McAfee) has been going up. Granted, the increase was of 1.13% which is not exactly spectacular. But after the coin lost 24% of its already scarce value when Binance, Kraken and other exchanges started talking about delisting it from their platforms, even the smallest increase is a welcomed draft of fresh air for Craig Wright’s project.
BitCoin Cash ABC, on the other hand, has been doing reasonably well since Mr. Wright and its entourage went away to create the BSV fork.
And now while Bitcoin has gone past $5,300 mark, surprisingly, Binance Coin (BNB) crossed the $25 mark after going up by a whopping 14% in the last twenty-four hours.
So Bitcoin has been going up for the last sixteen days. Is this enough to think that the long-awaited bullish run has arrived already? We doubt so. The behavior has not been all that bullish if you take into account that most of the increases in price happened in a single day during a single hour.
After that, most of the action has moved sidewise so while there’s an upward trend, it’s still exceedingly slow (less than 10% in more than two weeks) to think that this is the run that will finally solve the protracted crypto winter. Be prudent.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.