Bitcoin Price Slowly Makes Its Way Back Up the Charts While BTC/USD Longs Take a Dive
After dropping down to $5,180, the flagship cryptocurrency Bitcoin is yet again making its way upwards. This happened following the reports of Bitfinex and Tether being engaged in fraud to cover up an $850 million loss. Moreover, the Indian government is circulating a proposal “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ to outlaw the issuance and sale of digital assets.
Though slow an ascent is in motion as Bitcoin trades at $5,248 with 24 hours loss of 0.78 percent at press time, as per Coinmarketcap data. The leading cryptocurrency with a market cap of $93 billion, during this entire ordeal managed not to drop below $5k, a level which BTC/USD jumped through early this month only.
As Bitcoin has starting to shed the red, altcoins are also feeling green except for Bitcoin Cash, Binance Coin, and Tether. USDT is still below its $1 peg at $0.99. The total market cap is also moving at a snail pace as it registers at $171 billion.
According to the crypto trader and investor, Josh Rager, Bitcoin can touch under the $5k region yet again before it starts climbing upwards. As we reported earlier, Rager has already predicted the price of $BTC the upcoming month May to be a red one and is still sticking to it, for now.
“BTC- still in between the two major zones of interest and will make its way back. If people become extremely bearish and shorts pile up, I'd expect for Bitcoin to touch under $5k again before pushing up. Let's hope this happens soon b/c I still see May ending as a red month.”
BTC/USD shorts have surely started surging as after hitting the lowest level on April 8th, shorts seem to be going up as they look for BTC to take a dip. Though experts are expecting Bitcoin price to take a fall, many analysts, investors, and experts believe Bitcoin bottom has been already hit last year in December.
BTC/USD Shorts, Source: TradingView
As shorts are surging, BTC/USD longs are taking a downward turn. The longs have hit the lowest level in more than a year. The drop started on April 23rd and since then has been on a constant downward spiral.
BTCUSD Longs, Source: TradingView
Meanwhile, BTC dominance is rising as a result of altcoins bleeding which is a good sign for Bitcoin. The $BTC market share dominance currently sits at 54.5% of the $170 billion market cap and has a trading volume of $13.88 billion, with USDT accounting for over 80% of total bitcoin trading voluming activity despite the big shockwave value news dropping this week.
Live Bitcoin (BTC) Price:
1 BTC/USD =$58,819.4425 change ~ 2.36%