BTC/USD Update – Bitcoin Price Watch May 5, 2018
As proposed, the Bitcoin rallied past the previous rally high near $9700, and it’s now in right at the $10,000 level, still showing signs of relative weakness. The value of bitcoin peaked at $9,967 on Saturday, the highest since early March. Values have now risen 8% over the past five days, bringing bitcoin’s total market cap to $169 billion.
At the time of writing, BTC/USD was valued at $9,882 for a gain of 2.8% over the previous session. At the moment, the Relative strength at 65 makes a strong case for continued growth over the weekend.
As of 5th May 2018, according to the coinmarketcap.com, the daily trade volume in BTC is valued at $7.7 billion USD. That represents more than 30% of the total cryptocurrency market.
That said, we expect the most valuable coin to reach the $10,500 level during the current upswing, and BTC is still not overbought form a short-term perspective. Support is found in the zone between $9000 and $9200, while above $10,500 the next target is at $11,300. Make sure to check out what all the coins did in April 2018 as well.