{"id":380638,"date":"2019-05-03T00:00:24","date_gmt":"2019-05-03T00:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=380638"},"modified":"2024-06-11T07:40:04","modified_gmt":"2024-06-11T07:40:04","slug":"bitcoin-continues-expressing-similarities-to-previous-years-price-action-as-it-climbs-higher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-continues-expressing-similarities-to-previous-years-price-action-as-it-climbs-higher\/","title":{"rendered":"Bitcoin Continues Expressing Similarities to Previous Year\u2019s Price Action as it Climbs Higher"},"content":{"rendered":"

Despite facing downwards pressure that put Bitcoin\u2019s upwards momentum in jeopardy last week, the cryptocurrency has been able to continue climbing higher and is now nearing its price levels that were set just prior to the Tether-Bitfinex imbroglio that sent BTC reeling down to the lower-$5,000 region.<\/p>\n

This positive price action has led an incredibly bullish sentiment to abound within the crypto community, and many analysts now believe that Bitcoin will incur further gains in the near future as it continues climbing higher.<\/p>\n

Bitcoin (BTC) Surges to $5,500<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price of just under $5,500, up significantly from its daily lows of $5,370.<\/p>\n

Bitcoin has rebounded from its one-week lows of roughly $5,150 that were set last Thursday when the New York Attorney General\u2019s accusation that Bitfinex and Tether were defrauding investors spread throughout the crypto community, instantly leading to a sense of fear amongst investors.<\/p>\n

Despite this, the markets quickly shook off the news<\/a> and have been tepidly climbing higher ever since the lower $5,000 region was hit, which is viewed by many analysts as being a sign of growing fundamental strength in the markets.<\/p>\n

Luke Martin, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin current price action in a recent tweet, explaining that he expects BTC to face an upwards battle until it breaks above its recent highs at $5,600.<\/p>\n

\u201c$BTC slight move up since the resistance\/support flip. Meh. It’s hard to be too excited about more upside until price can get above the most recent high at 5600. That’s when I would be far more bullish. Until then I’m a little closer to neutral,\u201d Martin explained.<\/p><\/blockquote>\n

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$BTC<\/a> slight move up since the resistance\/support flip. Meh. <\/p>\n

It's hard to be too excited about more upside until price can get above the most recent high at 5600. That's when I would be far more bullish. Until then I'm a little closer to neutral. pic.twitter.com\/enjMM6GqKD<\/a><\/p>\n

— Luke Martin (@VentureCoinist) May 2, 2019<\/a><\/p><\/blockquote>\n