The Bitcoin was stuck in a trading range that limited the upside for the s largest coin in the crypto market. The Bitcoin has been trading within the said range since the beginning of the week putting a cap on its volatility.
The Bitcoin Saw Gains in The Last Few Months
In recent months, the Bitcoin saw an increase in its value, growing 50% in just 3 months. The recent growth could be interpreted by the Crypto Market experts as a bullish push for the Bitcoin. The bitcoin range trading is dampening interest for the crypto market’s largest coin. After a day of trading, the bitcoin settled at $5,139.
Trading Within Range for the Bitcoin
The Bitcoin saw its initial resistance at the $5200 level. Above that, an upside can be capped by another strong resistance at the $5300 level.
On the downside, the Bitcoin is held up by strong support levels in a range between the $5100 and furthermore at $5070 mark. If it falls below that, it could be caught by the strong psychological support marked by the $5000 price point.
The $5000 mark should be strong enough to protect against massive sell offs in the crypto market. If the bitcoin continues to fall past this mark, the Bitcoin could see it fall to the $4800 mark.
Positive Buzz From Crypto Market Experts
Despite the limited range and the recent losses, the fundamentals of the Bitcoin remain healthy. The head of FundStrat, Tom Lee sees this year’s strength as the end of the Crypto market winter. One sign that the bitcoin will have a bullish push is the strong start of the year.
Another strong sign that the Crypto Market winter is over is the improvement in its trading volume. At the beginning of the year, the increased trading volume is definitely a positive sign. In April, the Bitcoin closed above the 200 day moving average, another positive sign.
According to Lee, if the positive signs continue, it will not only signify the end of the crypto market winter but it could push the coin to new highs in 2020.