Bitcoin Hold the Key Level $4900 Looking Bullish
The past couple of weeks are good for Bitcoin and crypto community. Bitcoin market surge 25 pecent in a night when someone bought $100 million worth of Bitcoin. Bitcoin made a high of $5450 on 11 April followed by an instant selloff. BTC is now holding the key levels of $4800-$4900.
Bitcoin is now trading at $5090 (at the time of writing). The whole cryptocurrency market showing little losses as per the data provided by Coin360.
Crypto market is showing strength from last month and this is a good sign of recovery. The bears are losing control and the volume is doubled. The total daily trading volume made an all-time of $89 Billion. The whole market is looking bullish with a good amount of volume.
Bitcoin Key Levels
The key levels for Bitcoin are $4800-$4900 if Bitcoin broke these levels the next support is $4600 (Daily 200 MA). The major resistance, for now, is $5400-$5500 (Weekly 50 MA) and the psychological resistance is $6000.
The daily chart of Bitcoin is looking bullish. Bitcoin is now trading above 50, 100 and 200 MA (Moving Average) this is a bullish sign. The daily RSI is below 70 after the instant dump from $5450 to $4950. The 50 MA and 100 MA are in an uptrend while 200 MA is still going downwards. If Bitcoin is able to hold the key levels and trade above $5000 then the 200 MA will soon flatten and turns upwards.
Ethereum (ETH) the second cryptocurrency by marketcap made a high of $188 and dropped to $160. Ethereum is now trading at $163 (at the time of writing) and has a maketcap of $17.3 Billion.
The Total marketcap is now $172 Billion and the daily trading volume is $40 Billion.
Bitcoinik reported that France introduces a new bill that allows Insurance providers to invest in Cryptocurrencies. Bakkt Bitcoin Exchange is hiring veterans from Google and Paypal.
