- Bitcoin has again risen sharply in the last few hours and has broken the $9,000 mark. The price is thus getting ready for a new attempt to break through the strong resistance along the $9,500 mark.
- In contrast, the Altcoin market with Ethereum (ETH) and Ripple (XRP) is showing losses almost throughout, so that Bitcoin’s percentage of the total market capitalisation has risen to 67 %.
In the last few hours, Bitcoin has risen from just under $9,000 to $9,400, and at the time of writing ist trading at $9,316. The Bitcoin price thus shows an increase of 2.98% within the last 24 hours and stands out clearly in comparison to the rest of the cryptomarket, which is largely negative. The market capitalization of Bitcoin has increased from $166 billion to almost $170 billion.
Bitcoin trader Josh Rager describes on Twitter that Bitcoin fell below the critical level of $9,040 yesterday, but BTC immediately found new buy orders and was able to initiate a new upward trend. He continues to be bullish for Bitcoin and thinks that Bitcoin could remain within this price range in the next few days or even weeks.
The price increase of Bitcoin’s low on March 12, 2020 from just under $3,700 to $9,300 today is a strong development that shows that there is no capitulation of the miners and that the halving has attracted many new investors at this time.
With the daily close of Bitcoin, the price has dipped below back in the range
Not too worried, because this is a clear range that could go on for days, after weeks of pushing up to $9k from $3k
— Josh Rager 📈 (@Josh_Rager) May 7, 2020
Cryptoanalyst “il Capo Of Crypto” has already been bullish for Bitcoin in the past few days and has re-entered the market after Bitcoin broke through the important resistance of $8,600 last week. In his opinion Bitcoin has to rise above $9,500 in order to test the $10,500 mark. The resistance along the $9,500 mark is very strong, so he believes that Bitcoin could remain in the $9,000 to $9,400 price range for some time.
Within the 20 largest cryptocurrencies by market capitalization, Bitcoin shows the largest price increase within the last 24 hours. Both Ethereum (-0.66 % with a price of $206.41), XRP (- 0.61 % with a price of $0.2157) and the entire Altcoin market could not follow Bitcoin.
Meanwhile, “Escobar” shared a chart with its community on Twitter, which shows that Ethereum is following a bearish trend in its opinion and ETH has to break through the strong resistance along the $220 mark before a new bull run can be initiated. Especially the 3-day chart clearly shows this development.
Search volume for Bitcoin Halving on Google and social media explodes
According to the data analysis service Google Trends, the search volume for the search term “Bitcoin halving” has more than quintupled, showing that many investors have high hopes for this event. Dino Ibisbegovic, head of a marketing agency and long-time Bitcoin trader, describes that Bitcoin could pump even harder in his opinion and volatility will continue to increase.
He explains that a survey of more than 1,000 social media channels has shown a positive basic mood. On Twitter, too, the number of tweets about Bitcoin halving has quintupled. However, if the story of the last Bitcoin halving is repeated, there could be a dumping of the Bitcoin price in the first weeks after the halving, as Crypto News Flash reported.
Last updated on May 7, 2020