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Bitcoin Traders Eye $5,600 As BTC Suddenly Ticks Higher: Can The Rally Continue?



Over the past few hours, Bitcoin (BTC) and its altcoin brethren have begun to quietly rally. As of the time of writing, BTC is up 3.5% in the past 24 hours, finding itself trading for $5,240 apiece, according to data compiled by Coin Market Cap.

This move isn’t as notable as early-April’s 15% daily gain, which saw retail and institutional trading activity ignite as BTC rallied past two key resistance levels, $4,200 and $4,600. However, the recent influx of buying pressure comes after cryptocurrencies experienced a rapid 10% sell-off during the weekend, ensuring that bears don’t get a chance to follow through.

Related Reading: Bitcoin Beats a Retreat Below $5k, Has The Final Capitulation Started?

If Bitcoin Breaches $5,600, $6,000 May Be In Store

Per a recent chart from Credible Crypto, with Tuesday’s move, BTC is poised to soon break out of a triangle pattern, which has depressed the asset and slowed trading activity over recent days. If the upper bound of the triangle breaks as…





Read Full Story : NewsBTC

2019-04-16 20:30:13

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