After picking up some steam this past Sunday, Bitcoin was able to approach the $5,200 level before dropping slightly. Although the previous drop – which sent BTC reeling back towards the lower-$5,000 region last week – seemed to mark the end of the surge, it now appears that the markets have further room to climb before they face any significant resistance levels.
Analysts now expect Bitcoin to continue surging higher in the coming days and weeks, as it has formed an upwards parabola pattern that will likely aid in its upwards ascent for the foreseeable future.
Bitcoin (BTC) Continues to Find Support in Low-$5,000 Region
At the time of writing, Bitcoin is trading down roughly 1.5% at its current price of $5,050. BTC is up from its seven-day lows of just below $5,000 but is still down from its weekly highs of $5,400.
Because $5,400 has proven to be a strong level of resistance for the cryptocurrency, it is likely that BTC will require a significant influx of buying volume to…
Read Full Story : NewsBTC