Bitcoin (BTC) In A Tight Range, Will It Get Above $5,500 Again Soon? Mixed Reaction From Altcoins At The Start Of The Week

Bitcoin (BTC) In A Tight Range, Will It Get Above $5,500 Again Soon? Mixed Reaction From Altcoins At The Start Of The Week

The beginning of the week sees Bitcoin start slow. Throughout the weekend, there was little to report for Bitcoin and by extension the whole market. Movement in prices remained marginal to moderate with Bitcoin flirting with the $5,300 position throughout.

Bitcoin is currently attempting to get back above the $5,500 position after it dropped below this going into the weekend. On Thursday, the market backtracked following a short rally majored by altcoins. The drop saw Bitcoin test the $5,100 support position before bouncing back above $5,200.

What To Expect?

Bitcoin is currently building up momentum to get back above $5,500 before retesting the $5,600 position. Last week, this position was achieved a few times but there wasn’t much momentum to ensure it remained above it. To achieve this, Bitcoin needs to establish a higher resistance position through surpassing $5,600, possibly hitting $5,800 or at least $5,700.

As Bitcoin continues to enjoy new 2019 highs and unprecedented stability, prominent investors and analysts continue to agree that the ‘crypto winter’ is over and there are more gains to come. One top trader took an even closer look at what some of the top influencers believed:

Tom Lee, managing partner and head of research at Fundstrat Global Advisors also believes that Bitcoin is back. Speaking to CNBC, Lee stated that he believes the crypto winter is over and that it is likely that all-time highs are achieved by 2020.

Lee further disclosed why he believes as such. He pointed out to some bullish signals including the recent trading volume spike and increase in on-chain activity. Furthermore, he says that his firm has been surveying over-the-counter brokers and there’s not only been an increase in trading clients but also in trading per client.

At the time of press, Bitcoin is steadily approaching the $5,300 position where it hopes to trade above for the next couple of days or hours before forging further up.

Altcoins Posting A Mixed Picture

Altcoins seem to be following their own individual paths in the new week. While some like IOTA has seen prices rocket by more than 10% in the last 24 hours, others like LTC, BCH, and Monero have seen drops of at least 2%.

For the bigger portion, whether positive or negative the change is marginal. For most of the altcoins, this could easily change in the course of the day depending on recent developments.

What's Your Thought On This?, Let Us Know In the Comment Section Below.

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