Bitcoin is currently trading at $5170 after testing the $5300 resistance on hourly time frame. Despite the rejection from the key resistance, Bitcoin price is moving in accordance to the Ascending Triangle Pattern, which is a Bullish Sign.
Once the price breaks this short term key resistance, we will see BTC pushing towards the $5800 area.
Total Market Cap is around $181 Billion Dollars which is almost 24% above the April 1st levels.
Weekly Chart Shows No Resistance till $5800
The weekly close of Bitcoin against USDT on Binance was at $5166 and looking at the weekly chart, we see no resistance till the $5800 area.
Since the massive price surge from 1-3 April, the price action suggests that Bulls are taking every dip as an opportunity to buy BTC and push it back up. On 3rd April, after hitting $5272 and losing 9.38%, the price bounced back with strength made a new high today at $5301.
Key Levels to Watch:
We have been watching the trends and sentiments in Crypto space closely and we have observed that the current state of market is Bullish, as ALTS are following Bitcoin.
Privacy Coin Verge(XVG) gained 19.33% in a day and Ethereum is currently trading at $179 after making a recent high of $185 on Binance.
Recently, bexSTREET reported that Kain Warwick, CEO at Blueshyft signals the recent price surge in Bitcoin could potential transform into a bull run as seen in December 2017.