Bitcoin has been able to continue inching higher after dropping below $5,200 earlier today, and is now approaching $5,300, which appears to be a slight level of resistance for the cryptocurrency. BTC’s upwards ascent has continued to allow many major altcoins to surge, with many cryptos trading up over 2% today.
Although Bitcoin’s price is only tepidly advancing today, its large surge over the past few days has brought it closer to forming its first-ever 20-200-day simple moving average (SMA) crossover since October of 2015 – a formation that is typically proceeded by a massive price surge.
Bitcoin (BTC) Stable Above $5,200
At the time of writing, Bitcoin is trading up over 1% at its current price of $5,280. Earlier today, BTC briefly dipped below $5,200, where it found some levels of buying support that pushed its price back towards $5,300.
It is important to note that over the past week, Bitcoin has been rejected at $5,300 on multiple occasions, signaling that this price…
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