bitcoin reclaimed its $100 billion market cap recently and despite the Binance hack yesterday, the price of bitcoin crossed the $6,000 mark. The price of bitcoin at press time was $6078, and it had a market cap of $107 billion.
Bullish Trend of bitcoin
Source: CoinMarketCap
According to CoinMarketCap, bitcoin’s price has turned bullish over both, the smaller and larger time frames.
24-hour: 3.51%
7-day: 12.34%
YTD: 62.13%
The above is an indication of bitcoin being on a positive trend since the beginning of 2019. bitcoin has shown more than a few bullish confirmations, which explain the rally above the $6,000 mark. bitcoin’s prices in the $6,000 range were last seen on November 14, 2018. However, the prices soon fell by a massive 45% in over 5 days.
bitcoin’s prices showed the formation of a Golden Cross on April 22, following which, the whole sentiment of the community turned bullish.
BARR Pattern indicates the reversal of a trend. In bitcoin’s case, it was the end of a downtrend and the start of an uptrend which hopefully, would be a long-term trend.
Source: TradingView
Is this the “Bull Rally?”
bitcoin’s price is set to face massive resistance between $6,100 and $6.500, a price range which acted as a support for the prices for almost 3/4th of 2018. Although this rally might seem like the end of the bear market and the start of a bull rally, it can only be confirmed after the prices close above $6,500.
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Published at Thu, 09 May 2019 21:32:01 +0000
