Bitcoin reclaimed its $100 billion market cap recently and despite the Binance hack yesterday, the price of Bitcoin crossed the $6,000 mark. The price of Bitcoin at press time was $6078, and it had a market cap of $107 billion.
Bullish Trend of Bitcoin
According to CoinMarketCap, Bitcoin’s price has turned bullish over both, the smaller and larger time frames.
The above is an indication of Bitcoin being on a positive trend since the beginning of 2019. Bitcoin has shown more than a few bullish confirmations, which explain the rally above the $6,000 mark. Bitcoin’s prices in the $6,000 range were last seen on November 14, 2018. However, the prices soon fell by a massive 45% in over 5 days.
Bitcoin’s prices showed the formation of a Golden Cross on April 22, following which, the whole sentiment of the community turned bullish.
BARR Pattern indicates the reversal of a trend. In Bitcoin’s case, it was the end of a downtrend and the start of an uptrend which hopefully, would be a long-term trend.
Is this the “Bull Rally?”
Bitcoin’s price is set to face massive resistance between $6,100 and $6.500, a price range which acted as a support for the prices for almost 3/4th of 2018. Although this rally might seem like the end of the bear market and the start of a bull rally, it can only be confirmed after the prices close above $6,500.
Akash is your usual Mechie with an unusual interest in cryptos and day trading,