It is clear that the growth of Bitcoin is inevitable and some believe that with the recent bullish price action $3,200 might be Bitcoins long term bottom. The price of Bitcoin experienced a rise of up to 5% in only one hour, and it seems like we are witnessing the first significant breakout since the second of April.
The strength of BTC Growth
History has proven that when Bitcoin gains it pulls all crypto markets up with it. And as we go deeper into the week, the cryptocurrency markets are getting even stronger with Bitcoin on the rise to break through resistance to create a new 2019 high. Moreover, the market cap is following suit rising upwards of $180 billion once again.
Cryptocurrency lovers will always remember April 23rd as Bitcoin did what most were waiting for throughout the past week. The growth of Bitcoin broke resistance even reaching up to $5, 650 according to Coinmarketcap; and then eventually coming back to $5,550. This happened within the hour that the Asia trading session was taking place; and if the momentum stays consistent in the US and Europe the next stop for Bitcoin growth is $6, 000.
Furthermore, the volatility of major cryptocurrencies has gone up by about 200% in the last month; and it continues to rise. Therefore a major cause of the growth of Bitcoin may have been the news that is looking into selling their goods for cryptocurrencies like Bitcoin, Ethereum and Litecoin.
Bitcoin surges over $5,600
Right now at the time of writing, the price of Bitcoin is just above $5600, trading up almost 5%; moreover, it has surpassed its lows of $5,300 daily. The Bitcoin growth of today is an extension of the momentum started at the beginning of the month; when Bitcoin went from $4,000 low region to $5,400 highs. From those the high $5,400 it went back down to $5,000 due to a massive amount of selling pressure.
Despite the setback, Bitcoin growth has been consistently rising ever since and is getting closer to the next milestone that is between $5,800 and $6,000. While Bitcoin is getting ready for its trip to $6,000 and doing so well; Analysts believe that this region between $5,800 and $6,000 will have the strongest level of resistance for Bitcoin; and may even be difficult to break through.
Nevertheless, a factor that may be able to assist in the breakthrough of this resistance level is the momentum of the golden cross recently created by Bitcoin. Several analysts believe that this Golden Cross could be an indication of a possible reversal of the bear trend that keeps persisting.
Bitcoin Growth – Conclusion
Regardless of the messed up trading of yesterday Bitcoin remains consistent in its growth; as it is now above $5,600 and working its way to the top. However, the growth of Bitcoin has been a lonely road so far; as other cryptocurrencies are still lagging for now. Nevertheless, cryptocurrency markets are looking quite promising, and now we wait for the response of Bitcoin to the massive resistance coming up. How Bitcoin will react to that scenario will determine whether the markets are equipped for a bull run or need more alliances. For now, we wait and see.