At the start of April, bitcoin price surged by 20% to reach its highest point since November 2018. BTC tested the $5,350 resistance on April 8 before dropping back to $5,000 and even to $4,900.
The price had been ranging between $5,000 and $5,400 for a couple weeks before it broke through the $5,400 barrier to spike above $5,500 and even $5,600, reaching a new yearly high at $5,640 yesterday, on April 23.
The chart shows bitcoin rallying on the 23rd to reach $5,640 before dropping close to $5,500, ranging between $5,500 to $5,650 today, on April 24. As BTC passed the $5,600 mark, initial support formed at $5,600 with major support at $5,500.
A bullish trend is on the cards with further support at the previous resistance level of $5,400. If the price of bitcoin experiences a correction downwards beyond $5,500, this support might propel it back up again.
All in all, it seems the buying pressure might just push BTC past the next resistance level of $5,800. If that happens, we could see the bitcoin price rallying to a high of $6,000, consolidating a bullish trend analysts have been predicting since BTC’s first rally this month.
There’s not much stopping the world’s first cryptocurrency from breaking beyond $6,000 soon.