It is all green once again across the top cryptocurrencies as Bitcoin price crossed $5,600 for the first time in 2019. As a result, the market is geared for an upward movement. This monumental move has been anticipated by many.
In a quick movement that happened within an hour during the Asian trading session, Bitcoin price surged past key resistance to go as high as $5,640. This move did not come as a surprise, as it has been anticipated by many traders and investors, considering some technical analysis and history of performance.
With this move, Bitcoin gained 7% on the day, and set itself up for a new destination at $6,000. Traders expect this new target to be achieved in the coming hours as long as the current momentum is sustained.
Other cryptocurrencies followed the Bitcoin price trend, a consistent pattern over time. Ethereum (the second largest cryptocurrency) moved just a couple of places -trading at around $175. There is also anticipation of even higher movement for if the positive momentum is sustained by Bitcoin prices.
The penultimate week of April is replicating the kind of behaviour we saw in the cryptocurrency market at the beginning of the month. A bitcoin price surge has also benefited other cryptocurrencies. Other cryptocurrencies also posted early profit – charts demonstrated a new resistance breakthrough in preparation for even higher movements.
Having consolidated to $5,560 as at the time of writing, more upward movement is anticipated, as long as Bitcoin price remains above the newly formed $5,550 support level. This is keeping traders and investors prepared and boosting their portfolios for gains as the market continues to appreciate.
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