Bitcoin (BTC) continued to soar after suffering a lot of buying pressure, which made it break through the multiple resistances that were previously considered to be key, thus pushing the cryptocurrency further appreciation. Bitcoin once stood at the $5,000 mark today, at noon. Bitcoin fell back and fell to $4,900.
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A well-known analyst now believes that the recent surge in bitcoin prices confirms that the ongoing "encrypted winter" has actually ended, and "encryption spring" can now begin .
Bitcoin soared to $5,000
At the time of writing, the transaction price of Bitcoin rose nearly 14%, currently at $4,720, a sharp rise from the 24-hour low of $4,150.
Bitcoin faced multiple resistances at around $4,200 and $4,600 before the price of bitcoin soared at noon yesterday. Both resistances have remained at a strong level in the past few months.
Nigel Green, chief executive of the UK-based deVere Group, recently spoke about market conditions in an interview with MarketWatch. He explained that the recent rising breakthrough confirmed that the market has found a long-term bottom, and the so-called "encrypted winter" is finally over .
“After entering the bear market, people are increasingly feeling that Bitcoin is back. I am talking about the market has bottomed out, the so-called encryption winter is over. I believe Bitcoin will go higher in the coming weeks and months , Investors bring stable returns," he explained.
What is the next step for Bitcoin?
As for the next move of Bitcoin, an analyst quickly pointed out that traders should wait to see how bitcoin's price movements will look in the near future to understand the long-term effects of this latest price action.
Cred, a popular cryptocurrency analyst on Twitter, explained this in a recent tweet. He said that when Bitcoin is sideways, traders should look to the competition to get more profit.
"BTC: rebound into monthly resistance. The conditions in the market – very fast market changes make it difficult to define the risk (for example, where to stop). There is no need to rush to trade. Calm down, enjoy the green, appreciate the competition, He explained.
The recent surge in bitcoin prices has led to a general surge in the encryption market, with most cryptocurrencies rising more than 10%.
The main best-performing currency at the moment is Bitcoin Cash (BCH), which has seen a maximum of more than 70% in bitcoin cash to $290 in the past 24 hours. The Litecoin is closely followed by a 19% increase at the current price of around $80.
As this week's market continues and Bitcoin gains new support and resistance, analysts and traders will have a clearer picture of whether the recent market surge will continue in the long run.