Bitcoin (BTC) has been able to continue maintaining the stability of the region below $ 5,000 after experiencing huge and overwhelmingly positive volatility over the past couple of weeks. This price tag has made it possible for most large cryptocurrencies to see large pricing gains returning to the huge gains seen at the end of 2017, with many cryptos rising 50% or more.
Although this kind of positive price action has usually been done by large recipes, an analyst believes that Bitcoin has additional space to climb, which means most cryptos can continue to recover.
Bitcoin (BTC) Stable Over $ 5,200
At the time of writing, Bitcoin is trading up marginally to today's price of $ 5,230 and is only slightly lower than its daily $ 5,300.
Looking back at Bitcoin's November murder that sent it from over $ 6,000 to the low-$ 3000 region, BTC is still well below this price level, which may prove to be the point where BTC is facing strong opposition. which requires considerable buying pressure to push it over.
DonAlt, a popular cryptocurrency trader on Twitter, talked about Bitcoin's curren t price action in a recent tweet, explaining that he doesn't think the BTC will retrace in the near future and that it still has additional space to climb.
"$ BTC consolidated for 150 days at 6,000 before breaking down. When it did, it went down more than 50% in a month. $ BTC consolidated for 130 days at 4,000 before break-up. We are now up 25%. I don't really see the rush to short. Even if we are rejected, it will take a while, "he explained.
I don't really see the rush to short.
Although we are rejected it will take a while. pic.twitter.com/esXIvTyv1n
– DonAlt (@CryptoDonAlt) April 8, 2019
DonAlt further added in a separate tweet that he expects BTC to form a fresh trading area between about $ 4,560 and $ 5,690, which is likely to last until the end of April.
"And no, I'm not putting out hopium. New swing positions at this price level, in general, are incredibly risky. Be it long or short. Personally, I think the BTC will make a new selection to fill the void from 6,000 breakdowns. will be surprised to see some big moves until the end of April, he says.
And no, I'm not putting out hopium.
New swing positions at this price level, in general, are incredibly risky.
Be it long or card.
I personally think that the BTC will form a new lineup to fill in the void from 6,000 breakdowns.
I would be surprised to see some big moves until the end of April. pic.twitter.com / qk5tigyuGu
– DonAlt (@CryptoDonAlt) April 8, 2019
Fresh cargo of China FUD does not affect the markets
Earlier today, news broke that the Chinese government is continuing to put pressure on cryptocurrency industry and now looking to b limit or eliminate cryptocurrency mining.
Although this seems to be negative on surface level, it is important to note that this is only one of many measures China has received in recent times the crypto markets – many of which have hardly had any impact on the markets.
Mati Greenspan, senior market analyst at eToro, even thinks this revelation could be bullish for the crypto markets, as it would eliminate the cheap electricity that Chinese mining groups spend on my Bitcoin, which would be net positive for Bitcoin's price.
"If this ban no longer happens, it is more likely to push up BTC prices than down. The loss of cheap Chinese electricity would increase the mine cost, which is net positive on price. It would also serve to kill FUD at Bitcoin The mining operation is centralized. "
If this ban ceases, it is more likely to push up BTC prices than down.
The loss of cheap Chinese electricity would increase the mine cost, which is net positive on price.
It would also serve to kill FUD that Bitcoin mining is centralized. Https: //t.co/OhVh8fUaXv
– Mati Greenspan (@MatiGreenspan) April 9, 2019
When the week continues, traders and analysts will probably gain more insight into where the upper and lower limits of Bitcoin's next trading area will exist.
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