Less than a week after recording new highs for the year, Bitcoin has made some huge steps towards the $6,000 key resistance level. At the time of writing, Bitcoin is worth $5,924 following a 4.14 percent increase over the past 24 hours. It seems that the rest of the market has benefitted from Bitcoin’s increase too as altcoins have been pushed up towards a total market cap of $190 billion.
BTC current has a 55.8 percent dominance over the market as it seems to be showing off as enthusiasts are just trying to ignore the still ongoing scandal with Tether and Bitfinex. Right now, Ethereum is the biggest gainer in the top thirty with an increase of ten percent giving it a price $176 at the time writing.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Also out of the top thirty by market cap, only Binance Coin, Tether, and Basic Attention Token lost some value on the day.
As reported by Bitcoin news:
“The signs are now getting warmer for a significant rally, which could pave the way for a spring rally for crypto, should Bitcoin push past USD 6,000 and find a way to hold support above that point.”
Not a lot of people were expecting this all of a sudden surge in price though as it comes almost straight after BTC recorded new high which was just four days ago. Given the ongoing litigation with Bitfinex and the Trump administration’s seemingly antagonistic outlook on China, hinting at potential trade tariffs, it seems that the Bitcoin bulls no longer care about the negative news surrounding the industry and politics.
This bullish movement of Bitcoin towards $6,000 is a good sign of things to come and we are excited to see what will happen over this next week. If Bitcoin does go above $6,000 then it will be on the right track towards a new and aggressive bull run.