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A major bullish trend has set in the market and almost all the coins are gaining momentum. The signals look green and the market seems to be ready for a major gain. The total market capital is also on the move as it has had a gain of $2 billion at 10:53 AM UTC from yesterday’s close at $270 billion. The bulls are apparently running the market. This has widened the range and scope of cryptocurrencies and its world is reaching newer heights day by day as more people and countries are involving themselves by being a part of the cryptocurrency universe.
BITCOIN
Bitcoin over the past half an hour has gone bonkers and has risen by $1000 and now trading at $8000
Bitcoin broke the $7000 level and a bullish trend has kicked in. With a gain of 9.64% in the last 24 hours, the coin has a huge upside momentum. At 11:26 AM UTC, Bitcoin was priced at $7461.69 with a market capital of $ 127.55 billion. A major bullish trend kicked in at 11:05 AM UTC where the coin hiked from $6970.8 to $7683 within a matter of 23 minutes and the trend was still going on. The price went on a linear move and then another hike kicked in which took it up and above $8000. This hike of $493 happened within a matter of 8 minutes. At 11:43 AM UTC, the price of bitcoin was at $7,737.12. There was a total bullish breakout where the coin gained $1109. The coin peaked at $8080.5 before coming down a little.
At 10:35 UTC, Bitcoin was trading at $6855 and now shoots up by 13%. Although there has been a slight pullback, the momentum seems to be back in the game, with all altcoins gaining a percents as well and start a path of a healthy crypto market.
A falling wedge / a descending triangle had chart analysts predicting Bitcoin to drop or gain by $1000 in the next couple of days. The current gain indicates a possible bull run for other altcoins as well.
Brian Kelly, CNBC contributor and head of BKCM, which runs a digital assets strategy for clients said: ”Once bitcoin broke higher, shorts were squeezed and forced to cover.”
"After deteriorating through March, cryptocurrencies are showing early indications of improving," Rob Sluymer, technical strategist at Fundstrat Global Advisors, said in a Thursday report.
Bitcoin "stabilized above $6,500 support over the past two weeks and is rallying through important technical resistance defined by its March downtrend," he said, noting the next major area of resistance is near $9,000.