- Bitcoin again broke through the $9,000 mark, but was unable to rise above the strong resistance at $9,200.
- The Altcoins Ethereum, Cardano and Tezos show a strong correlation with Bitcoin and also show strong price gains in the last 24 hours.
In the last 24 hours, the Bitcoin price has again broken through the $9,000 mark and recorded a significant increase to a price of $9,036.29 (+4.76%). Bitcoin volatility remains high, so the Bitcoin price on the daily chart must close above the $9,000 mark to act as a new support and send Bitcoin on its way to $10,000. The market capitalization has increased from $159 billion to $165 billion.
The Bitcoin Trader “George” describes that he would not be surprised if Bitcoin and Ethereum continue to rise, as both cryptocurrencies are drawing higher highs and higher lows. He sees the upcoming Bitcoin halving as a strong catalyst that can continue to positively influence Bitcoin’s price even after this event.
Looking pretty damn good. Wouldn't be surprised if the lows are in and we see more upside soon on both eth and btc. pic.twitter.com/6BAo2HgmkS
— George (@George1Trader) May 4, 2020
A similar view is shared by “Big Chonis Trading”, who also sees potential for a further rise in the price and describes that along the $8,700 mark there is a lot of liquidity and many buy orders are waiting, so that the Bitcoin price could rise further. Nevertheless, he warns against too much euphoria, as the price fluctuations of the last few days have been high.
The analyst “il Capo of Crypto”, on the other hand, states that Bitcoin has not managed to rise above the strong resistance along the $9,200 mark, so Bitcoin is still trapped in the price range between $8,400 and $9,500. Even though Bitcoin is showing bullish signs, the price must eventually manage to rise above $9,500 to start the next step towards $10,000.
Renko 4h bearish divergence, strong one.
Invalidated with a close above 9500. Confirmed with a close below 8400. pic.twitter.com/JaRg21TXkn
— il Capo Of Crypto (@CryptoCapo_) May 4, 2020
Bitcoin trader Byzantine General has reviewed the development of Bitcoin over the last 8 weeks and found that Bitcoin has finished the last 7 weekly charts with a positive price trend. This historical development has only been seen 3 times before 2014, so he expects Bitcoin to continue rising.
The key takeaway is this: we're currently at 7 closed consecutive green weeks.
We rarely ever go beyond 7.
We went above 8 only three times and they were all pre 2014.
Here's an indicator for this (I didn't make it): pic.twitter.com/f97Nk7vbOe
— Byzantine General (@ByzGeneral) May 4, 2020
But not only Bitcoin, but also Ethereum shows strong bullish signs. HornHairs describes that the bulls have also taken over control at Ethereum and ETH is showing strong fundamental data that indicate that the price will continue to rise. Ether has risen by just under 6.5 % in the last 24 hours to a price of $209.02 and thus shows the biggest price increase within the top 10 largest cryptocurrencies after Tezos (+ 7.50 %) to $2.80, the largest price increase.
The party continues for now pic.twitter.com/3ia16Mn2Ds
— HornHairs ? (@CryptoHornHairs) May 4, 2020
Bitcoin Hashrate increases – another bullish sign for Bitcoin?
According to data from the blockchain analysis company Glassnode, Bitcoin’s hashrate yesterday reached a new all-time high of almost 150 exahashes per second. This means that just under a week before the halving, Bitcoin miners are using more capital and hardware for mining than ever before.
— glassnode (@glassnode) May 3, 2020
Whether this development is related to the introduction of new ASICs or the positive attitude and support of the miners in some parts of China cannot be clearly established. Some analysts believe that this development is a positive sign for the Bitcoin market and that it marks the end of the prophesied “capitulation of the miners”, which in retrospect often coincided with the beginning of a bull market.