Bitcoin Price in USD is Moving Towards Major Resistance as Network Health Remains Stronger Than Ever
- As long as BTC price holds $6,400, crypto trader DonAlt is permabull
- Mining profits, transactions, and volume are up while fees are down
Bitcoin is back above $8,000 as the price turns green. In the past 24 hours, the flagship cryptocurrency has surged more than 10 percent as it currently trades at $8,083. The leading cryptocurrency is enjoying a great month as it went from just above $5,000 to over $8,000 marking a month with extraordinary greens.
Investors and experts alike are bullish on BTC price as crypto trader DonAlt shares the leading cryptocurrency faces major resistance around $8,450 level while having major support between $6,050 and $6,650 region.
Once BTC goes above $8,450, it has a lot of space that could see it crossing $10,000 and then going even well above $11,000. However, before it goes on to making new highs, the world’s top cryptocurrency will encounter last resistance around $11,600.
“Resistance rejects, support supports. And people say TA doesn't work. As long as 6400 holds I'll be a better perm-bull than Parabolic Trav ever was. This still looks gorgeous to me and I won't touch the red button for quite a while,” DonAlt said.
Technical breakdown of the 'Bart' pattern.
It's actually quite clean in terms of price behaviour.
Basic principle: resistance failing after a breakdown is bullish/support failing after a breakout is bearish.
This Tweet will self-destruct if price nosedives, obviously. pic.twitter.com/8pWvacaCV0
— Cred (@CryptoCred) March 6, 2019
However, it’s not just the price that is enjoying strong momentum, the network is also healthy, and strong as mining profits increases, transactions goes up along with the volume while fees remain down with Segwit doing the heavy lifting.
As the Diar’s early May report stated, Bitcoin mining has become profitable as miners earned $291 million in April, about 30 percent higher from that in March. Apart from rewards, miners earned with fees as well that rose 250 percent last month in comparison to March.
“Average Bitcoin transactions fees shot up a near 200% in April versus March as the blocks reached well above the 1Mb limit hitting a new high. SegWit though has also reached a usage high keeping fees suppressed.”
The number of transactions on-chain is also rising, coming close to reaching all-time high from December 2017. Since hitting a low in February last year, the month-on-month growth of number of the transactions is also seeing a surge.
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Bitcoin’s price is $56,461.11 BTC/USD exchange rate today. The real-time BTC market cap of $1.06 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $28.98 Billion and live coin value change of BTC -1.55 in the last 24 hours.
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