Bitcoin Looks Bullish After Shortly Breaking the $5,000 Mark

News and Analysis

On Tuesday, Apr 2, the flagship cryptocurrency saw a sudden, however a short-lived breakout over the $5,000 on several exchanges, followed by a correction which took the BTC price to around $4,750.

This, however, represents a 15 percent surge in price over a 24-hour period, with the BTC market capitalization being close to $84 billion. This is also the highest levels BTC has been trading since November 2018, when the so called ‘crypto winter’ cast its spell over the markets.

More importantly, Bitcoin managed to break out from a defined area of resistance at $4,200, continuing its positive recent trend.

The rally to a 4.5-month high was accompanied by a surge in 24-hour trading volumes to above $15 billion – the highest since mid-January 2018, according to CoinMarketCap.

As Alec Ziupsnys aka Rhythm Trader, a leading industry analyst, recently pointed out, it is also the first time since Bitcoin breached $20,000, the cryptocurrency has posted six weeks of consecutive gains.
In mid-February, BTC rallied by 2.9%, followed by 1.58%, 2.86%, 1.73%, and 0.11%, and lastly, 3.18% over the last week.

As of writing (1pm UTC), BTC is changing hands at $4,800 on Bitstamp, representing a 15 percent gain on a 24-hour basis.

Other major cryptocurrencies like Litecoin, EOS, Bitcoin Cash, Cardano and Tron are seeing double-digit gains as well. The overall market cap capitalization has stabilized around the $184 billion mark.

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