The large upwards momentum that Bitcoin incurred over the past couple of weeks appears to have petered out as BTC has failed to advance past $5,400 since surging from lows of roughly $4,000 last month.<\/p>\n
Despite the dwindling momentum, the rally that brought the enduring \u201cCrypto Winter\u201d to an end may not be over yet, as analysts believe that Bitcoin may be able to surge well into the $6,000 region in the near future as long as it is able to advance higher within the $5,000 region.<\/p>\n
At the time of writing Bitcoin<\/a> is trading up 2.4% at its current price of $5,220, up from its 24-hour lows of $5,030.<\/p>\n Early yesterday, Bitcoin incurred relatively large selling pressure that pushed its price from nearly $5,200 to nearly $5,000, which appeared to put Bitcoin\u2019s position within the $5,000 region in jeopardy as the cryptocurrency\u2019s bears garnered growing strength.<\/p>\n Despite this, BTC has held firmly above $5,000 \u2013 which has since turned into a level of support \u2013 and now appears to be forming a fresh trading range between $5,000 and $5,400.<\/p>\n The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s current strength from a technical perspective, noting that she is closely watching the RSI for greater insight into where BTC is going next.<\/p>\n \u201c$BTC The .236 on the fib was rejection as mentioned yesterday! The next step is for the candle to follow this break. Once this does, I am sure the RSI support that needs to break will. We then can explore if the bottom can be found,\u201d she explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> <\/p>\n The .236 on the fib was rejection as mentioned yesterday! The next step is for the candle to follow this break. — The Cryptomist (@Thecryptomist) April 16, 2019<\/a><\/p><\/blockquote>\n\n
Once this does, I am sure the RSI support that needs to break will. We then can explore if the bottom can be found pic.twitter.com\/fHG3bSFb6x<\/a><\/p>\n