Bitcoin spikes in less than 24hrs, heads for a higher resistance level

The big bull more than any other cryptocurrency has shown immense growth over the past few months. On the 3rd of April, after Bitcoin made an upswing to the $5000 level, the big bull had since been trying to build momentum enough to push it to the resistance level of $5200 and $5300 mark.

However, since the past two weeks, BTC had been struggling to stay afloat ever since. While the big bull was able to hit $5400 a few days ago, Bitcoin took a downswing, one that left it dangling below the $5100 mark.

Meanwhile the past 24hrs has taken a rather impressive turn as Bitcoin seems to be making a swift comeback, one that has moved it up by more than 5%, more precisely, Bitcoin which had previously hit a daily low of $5,024 and further went on to close at $5,067 made a dramatic upsurge in price.

Trading at $5,228 at press time, Bitcoin was quick to add up more than $130 to its previous trading price in less than a day.

One factor that certainly played a major role in this price pump as with other cases is the drastic increase in trading volume which can largely be credited to BitMEX traders whose trading pairs of XBT/USD is now totaling at $1.78 billion, with 3% in gains, an increase in trading volume is likely to result in a $2 billion trading volume from BitMEX trading.

This could progressively move Bitcoin up to the $5300 and $5400 mark. Following BitMEX, FCoin exchange will also pioneer this increase with trading pair of  BTC/USDT already going as high as $1.09 billion.

While Bitcoin is yet to recover, the big bull is slowly but certainly headed for higher grounds. With only a few dollars away from the $6000 mark, it is expected that Bitcoin will hit a new yearly all-time high before the close of the year.

Source: Read Full Article