The bitcoin price chart continues to move rapidly upward, successfully breaking through new resistance levels. Stable positive dynamics led to explosive growth of the cryptocurrency market.
Over the past 24 hours, the bitcoin (BTC) rate has grown by 9.51% and at the time of this writing is $ 7,413. The daily gain has reached $ 660, which is comparable to November 2017. The last time the price of the first cryptocurrency was traded at this level 3 August 2018.
Since the beginning of the month, the price of military-technical cooperation has increased by 38.5%, and in 2019 it almost doubled (97.6%). Its relative market share reached 59.1%, and its daily trading volume was $ 29 billion..
The impulse for the start of explosive growth was a confident breakdown of the important resistance level of $ 6,000. Today, the market locomotive has successfully overcome the mark $ 7000 and September high of $ 7410. After completion of the correction, bulls will have free access to $ 8000.
The continued gains also resulted in a high overbought level, which in the short term could lead to a significant pullback before a new level of breakout attempts. In the event of an uncontrolled downturn, the long-term support level is at $ 5,700 (30-day moving average).
Bitcoin Gearing For Lift-Off to $8,000 Rally Isn’t Over Yet
According to Alex Kruger’s Adaptive Capital, there is a strong rise in the market, which in May should keep the asset rate in the price range of $ 7-8 thousand..
The growth of bitcoin was also reflected in altcoins, which in the last 24 hours added from 6% to 18%, the total capitalization of the cryptocurrency market increased by $ 15 billion..
Ethereum price (ETH) rose 6% to $ 195. Ripple (XRP) rate added 3.4% and is trading at $ 0.32. Of the top twenty cryptocurrencies, bitcoin cash has the best growth rates. In total for a day, VSN increased by 17.6% to $ 365 and broke away in the capitalization rating from Litecoin (LTC), which added 8.37%, reached $ 90.81.
text: Ivan Malichenko, photo: Shutterstock, graphics: Coinmarketcap
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