Cryptocurrency markets are moving again today as fresh enthusiasm, and around 5 billion dollars, flows back into digital assets.
Yesterday’s dip had all the signals of a larger drop off as the crypto community squabbled over the fate of BSV following the Binance boycott. Kraken followed suit after an online poll gathered over 70,000 responses and secured a 71% community vote to ditch the maligned altcoin.
Bitcoin to $5,600 Before Any Pullback
Those shenanigans have been forgotten today as markets bounce back and Bitcoin ramps up to its next resistance level. Analysts have been looking for signals in the recent range bound chart patterns for the next direction Bitcoin will take. Many of them are optimistic that it will make a move higher before retreating.
Bitcoin needs to break resistance at $5,400 before any further gains will be made. This is the highest point it reached on Thursday last week so a retest of this level is highly likely in the next day or so. The next resistance zone is around $5,600 but once this has been broken BTC could surge to $6,000 very quickly.
Trader and analyst Luke Martin has eyed the $4,600 to $4,800 level as a more attractive entry point than current prices.
At the time of writing Bitcoin was trading at a five day high of $5,250, up 3.3 percent on the day. Daily volume over 24 hours has remained stable at over $11 billion and the move has pulled the rest of the crypto market up with it. Since the beginning of April Bitcoin has gained 28% and has remained above $5k for the best part of the month. BTC dominance has also climbed to 52.3 percent as it drives market momentum today.
Total market cap is currently at $177 billion which is jump of 3 percent on the day with an inflow of over $5 billion. Monero is performing well at the moment with a gain of 6 percent on the day to reach $68. Tezos is also back in bullish territory as it climbs over 9 percent to $1.15. BAT also seems to be on a roll as it surges 12.5 percent today reaching $0.329.
Daily volume for the entire market is still over $40 billion which is a bullish sign that further gains could be forthcoming. Since the beginning of 2019 crypto markets have gained 40% as all memories of crypto winter begin to fade with the coming of spring.