Just days after breaking the $6000 benchmark, Bitcoin has hit another milestone high of $7000; following months of dip and stagnation in cryptocurrency prices.
Here are a few highlights of its recent parabolic rise:
- The number one cryptocurrency by market value (Bitcoin) is currently trading at between $7200 and $7,400, up by 8% in the past 24 hours.
- By this move, Bitcoin has increased by 114% since the start of 2019.
- Bitcoin went from $6200 to $7000 in a week.
- BTC hit $7000 for the first time in 8-Months.
- At the time of this publication, Bitcoin’s market cap stands at $125 billion with its market dominance at 58%.
- Bitcoin’s global trade volume has broken a new record with $29 Billion in BTC volume as against a previous high of $25.5 Billion in January 8th 2018.
- Bitcoin is now -63% from its previous ATH price of $20,000.
Analysis across the cryptocurrency community are in varying views, few people believe that this could be the bull run; others however opine that this could be a short squeeze or spike.
Some more bullish analysts say if the BTC/USD pair support holds, $7800 0r $8000 is possible therefore strengthening claims of possible rally; with a bull cross of the 100-and 200 day moving averages (MA) visible for the first time since July 2015.
Pull backs, if any are likely reversed at $5,450 but at this time, BTC charts show a clear uptrend, as short and medium term price predictions remain Bullish. It would be interesting to see how the market reacts and if the $8000 mark is reached in the next 24-48 hours.
4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.
Stochastic RSI – The RSI for BTC/USD is currently in the overbought zone.
Major Support level – $6,980, $6,850, $6,790, $6,640, $6,515
Major Resistance Level – $7000, $7,110, $7,383, $7,500, $7,624, $7,921
Enjoy your gains!!!