Bitcoin Jumps To $5,000 But Crypto Traders Expect A BTC Price Retrace Looking At Market Trends
Bitcoin Has Yet Again Jumped The $5k Mark As It Continues To Rise.
At the time of writing, on Bitstamp, with 24-hours gains of around 5 percent Bitcoin has been trading at just above $5,130 as per TradingView.
BTC 1-day price chart, Source: TradingView
Are you Ready For It?
The leading cryptocurrency broke out in greens when it started its day yesterday from around $4,130 and surged past $5k at $5,060 with a growing trading volume.
However, according to some analysts we would be seeing retracement before Bitcoin makes it way upwards again. Kiss Trader @Sanchez8810 says, Bitcoin has closed above the crucial 200 MA but ideally we will be consolidating here only to get a dip around $4,200 level before we move towards a higher $5k zone.
Monster daily from $BTC with a close above the 200 MA. Ideally we'll consolidate for a bit here and will look to add on dips around $4500-$4600 (200ma level) for a move to high 5k region. I like $ETH as well and feel it could play some catch up after breaking out of range. pic.twitter.com/WXcnA1SC6b
— KISS TRADER (@Sanchez8810) April 3, 2019
“Monster daily from BTC with a close above the 200 MA. Ideally we'll consolidate for a bit here and will look to add on dips around $4500-$4600 (200ma level) for a move to high 5k region.”
Crypto trader, Jonny Moe shares similar views as he says:
“This was an amazing 24 hours, enjoy it. But if 2014-2015 was any lesson, we're very likely to retrace at least half if not all of this move at some point. Are you ready for it?”
This was an amazing 24 hours, enjoy it.
— Jonny Moe (@JonnyMoeTrades) April 3, 2019
Total Market Cap Adds $30 Billion
In tandem with Bitcoin, altcoins are also enjoying the greens that has the total market cap going to $176 billion. In the past two days, the overall market cap has added about $30 billion.
Bitcoin Cash is at the front and center with nearly 47 percent gains at $286. Litecoin is surging by 21 percent at $84.76 while Cardano is close to touching $0.1 as it rises 17 percent in the past 24-hours. Dogecoin is also seeing significant gains of 33 percent at $0.003 while exchange token, KuCoin Shares is up 27 percent at $2.29.
With 41 percent losses, Maximine Coin is the biggest loser at $0.085 along with Ravencoin which is down by 8 percent. Waltonchain and Maker are in the red between 1 to 3 percent while TrueUSD, Paxos Standard, Crypto.com, and Insight Chain are down less than 1 percent.