Bitcoin Price Party Continues After Hitting $5,170

Plenty of cryptocurrency enthusiasts and traders are looking at Bitcoin right now. After a minor wobble a few days ago, it seems the $5,000 level has been recaptured successfully. It is interesting to see a resilient Bitcoin price trend, as that is something people haven’t seen much of in the past 18 months.

Bitcoin Price Bulls are In Control

No cryptocurrency enthusiasts will be dismayed by how the markets are developing in the past few weeks. All of this positive momentum has made people some good money, although there is also a sense of unease. Big gains hardly ever go without a steep correction, especially where Bitcoin and altcoins are concerned. For now, however, the bulls remain firmly in control which is all one can ask for.

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To put this in perspective, the past day has netted another 3.13% Bitcoin price increase. As such, one BTC is now priced at $5.185, which is a rather interesting level. Combined with nearly $17bn in trading volume – on a Saturday – it seems there is no market reversal in sight as of yet. There is always a chance the market will struggle a bit, but no major changes are expected at this time.

As one would come to expect from this market momentum, it draws out everyone who has ever heard the term “Bitcoin” in their life. Frank B Underwood isn’t too pleased with all of the “permabull” talks, simply because Bitcoin gained slightly over $120 in quick succession. It is evident this current price level is not a permabull sign by any means, albeit it does offer some hope.

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It is also interesting to see how well Bitcoin is performing across all of the exchanges. With the value fluctuating between $5,129 and $5,225, it would appear this is not an April Fool’s Joke or blatant pump attempt by any means. The next level will be $5,500 which may prove to be a lot more difficult to achieve when everything is said and done.

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For those merely interested in the Bitcoin chart, the coming hours may prove rather interesting in many different ways. If Bitcoin fails to break the next resistance level, a temporary retrace is not necessarily impossible. It would not be a steep price change by any means, although there is always a chance the market will take traders by surprise.

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As the weekend trucks along, it would appear the Bitcoin value should remain above $5,000 without too many problems. The trading volume is very impressive, especially for a Saturday. Only time will tell if that is sufficient to keep this party going a little while longer. Nothing is ever certain in cryptocurrency, especially not the price of Bitcoin.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

The post Bitcoin Price Party Continues After Hitting $5,170 appeared first on The Merkle Hash.

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