23 Apr 2019 Samantha McLauren
Golden Cross For Bitcoin, Will The Rally Continue?
Bitcoin, the global cryptocurrency leader, marks a steady increase in its price. As of press time the crypto dominant sells at $5,570 with a four-percent increase over the past 24 hours. Trading volumes are also high, indicating a stronger bullish market for Bitcoin.
Financial experts have been expecting the price breakout for at least a month, but indicators such as the tight „boilinger bands“ and the intersection of the 50-day Simple Moving Average (SMA) and the 200-day SMA. The signs mean Bitcoin investors and enthusiasts can expect another price soar in the next week.
Bitcoin started the upward rally at around $5,200 and ended in the $5,800 resistance zone. Bitcoin tested supports around the 5,500 U.S. dollar mark, but the $16 billion daily trading volume gave the leader in cryptocurrencies the much-needed boost to continue its rally.
Bitcoin`s rally even marked the best montly gain since the surpassing $19,000 race from December 2017. On a monthly basis Bitcoin increased its price with 35-percent. Trading volumes are also hitting monthly highs.
The Golden Cross (when thr 50-day SMA crosses the 200-day SMA) is a significant milestone in Bitcoin`s price movement because it creates friction and support zones. The last time Bitcoin had a Golden Cross it began its 2016-2017 bullish rally.
Bitcoin`s upward rally also gave a push to the entire crypto sector. Ethereum marked a 3-percent increase and is now trading at $175.17, Ripple managed to stay afloat despite the drop from Friday, registering a price of $0.32. One of the big gainers over the past month is Tezos, marking a 120-percent increase in price.
Without a doubt 2019 has been yielding great results for the crypto community. However, will the bullish race continue, or we can expect another bearish market? At least for now – bulls are in charge.
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