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.”

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?”

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.

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