Bitcoin has secured one of its most key targets. In the last couple of hours, Bitcoin has crossed over above $5,500, breaking its most recent resistance positions of $5,400. With this achieved, the coin is currently aiming at a position above $6,000 and the new wave of green suggests that this will be done in the short-term.
One significant aspect of the recent move is that trade volume has gone up again. At the time of press, trading volume is around $16 billion and this is some strong bullish backing to ensure the upward trend persists.
Report Says It’s Time To Buy
In the last couple of days, a new report has suggested that it is time to buy Bitcoin. The report goes on to say that the risk-reward ratio of investing in Bitcoin is the best of any asset.
The researchers also go on to explain that they believe the bearish phase is coming to an end and that the bulls are preparing for a big move. The $3,000- $6,000 price range offered holders a chance to buy up Bitcoin and as it increasingly nears $6,000, holders continue to strengthen their approach.
At the time of press, Bitcoin is trading a little above $5,550, marking a 4% move in the last 24 hours. Earlier in the day, the coin rallied to a high of around $5,590 before falling back. The move comes in the wake of a new week and after a slow couple of days.
Through the weekend, and after climbing above $5,300, Bitcoin was unable to retest the $5,400 resistance position. This was key to the crypto leader, with the position opening up room for a move above the $6,000 position.
Now the next key target for the coin will be above $5,700, where it will likely encounter resistance and fall back. With each move, it is increasingly seeming like the bearish season for the market has come to an end and it is unlikely will witness a price plummet any time soon.
Altcoins Also On The Move
The move from Bitcoin has seen a majority of altcoins set an upward trend. With Bitcoin dominance still in the highs of 53%, the move from most altcoins has been marginal. For XRP at the time of press is 0.05% and for ETH a little under 3%.
Bitcoin’s current dominance level is what is currently helping it upwards but as soon as money begins moving towards altcoins we will begin seeing it slow down and altcoins recording more substantial gains.