In the latest Bitcoin news, we are focusing on the price surge of the most dominant cryptocurrency which rose by more than 6% over the past 24 hours and less than 5% overnight. The price of Bitcoin broke through the $4,000 mark comfortably for the first time in 2019.
However, not every trader is impressed by this strength. With a 20% increase in its daily trading volume, Bitcoin has been able to show some momentum above $4,000. However, DonAlt, who is a prominent crypto technical analyst recently said that the slight increase in price is not sufficient to declare a major trend reversal, even in the short term.
As he said:
“Finally an impulse. If today closes above resistance (4000) I’ll be looking for buy opportunities/close my hedge short. If it closes below resistance I’ll be looking for shorts. Dangerous to trade in any direction with the Finex maintenance coming up tomorrow.”
If Bitcoin closes the day at $4,000 and shows positivity in the short-term, it may prepare for further upward price movements. However, generally, the traders saw the price of Bitcoin as a sluggish move following the poor performance since Christmas.
Bitcoin could definitely engage in bigger rallies throughout this month, potentially eyeing a breakout above $4,500. The key to a price reversal like this lies in volume and the short-term trend of Bitcoin is now uncertain due to the scheduled maintenance of two major exchanges, BitMEX and BifFinex.
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“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
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