For the last couple of weeks, the stage has been set for Bitcoin to make a bold move. And in the last couple of hours, the coin has risen up to expectation. In the last couple of hours, Bitcoin has soared to break some key resistance positions.
As we reported already, the coin has broken past $4,800 for the first time in six months, though it has slightly fallen back to $4,752 at the time of press. The move clearly shows that the only obstacle to Bitcoin soaring had always been $4,200 as predicted by many analysts. Once $4,200 was breached, it was easy for the leader to hit $4,500 and further extend this to over $4,800
Massive Gains Around The Market
The surge from Bitcoin has further fueled altcoins. Among the top gainers are ADA, ETH, and XRP who are all rallying above 6% at the time of press. Further down the chart, altcoins like LTC, Tron, and Monero are recording double digits in gains with all of them gaining over 10%. The rally has seen the market add over $15 billion climbing from around $145 billion to over $162 billion.
What Is Fuelling Bitcoin (BTC)?
According to many, the rally is being driven by pure technicals. Though the industry has had key developments in the last couple of weeks, which though had the potential to trigger rallies failed, the last 24 hours have not seen any key development.
This goes to suggest that the move by Bitcoin to shoot up from around $4,150 to over $4,750 is a technical one. According to one trader, this move has culminated from a steady uptrend and a lack of selling pressure above the $4,200 resistance position.
The next couple of days will be interesting to see where Bitcoin goes next. Two positions come into play. If the uptrend continues, Bitcoin will soon breach the $5,000 position before encountering major resistance.
If the market undergoes a pullback, the leader is set up to find support around $4,500-$4,600 positions. Regardless of where the leader moves next, the move in the last 24 hours has definitely brought back confidence to investors and has clearly signalled that Bitcoin most likely hit its bottom months ago and the ‘crypto winter is over’.