After a constant slump that has lasted over a year, the crypto bulls may be finally back to the delight of every crypto enthusiast. As the crypto market rallies, it’s no surprise its Bitcoin that is behind the positive momentum.
The sudden rally occurred today as Bitcoin rose sharply and ended trading in Asia on a four-month high. First of all, the top crypto coin managed to break the $4,000 mark – a point that has acted as a market resistance level before surging upwards.
According to charts on Tradingview.com, within two hours of trading, the coin reached a high of just over $5,000 before falling back a little bit. Since falling below the $4,000 level in November of last year, the top cryptocurrency has struggled to break back again.
There have been several times between then and now when BTC has tested the mark before falling below. But since February there has been some analyst that have been predicting a sharp rise. This came to fruition today during the Asian trading session.
The resulting price surge added $17 billion on the crypto market rallies in less than an hour. Prior there were market analysts that had argued that once the top cryptocurrency had managed to move past the $4,700 mark, it would be on an uptrend trajectory. This is according to its exponential moving average (EMA) value. EMA is used by analysts to track long-term market movement.
Even though many think that it’s too early to tell others believe that Bitcoin could hit $10,000 soon.
The one-day candle that started this whole price surge is yet to close even though BTC has pulled back a little to settle at $4,727 as of the time of writing.
Many other cryptocurrencies are also in the green with double-digit gains, and there is no doubt as the crypto market rallies BTC has played a vital role.
What’s your take on the latest crypto market rally? Are the bulls finally back? Share your thoughts in the comment section below.