Bitcoin Up By 25% But Bulls Will Gather Momentum After BTC Crosses the Resistance At $5,500

If you’re among those in the cryptocurrency space who have been asking questions like will Bitcoin recover, is Bitcoin dead and will Bitcoin go back up, when is the next Bitcoin bull run, you must have been relieved when the Bitcoin bull run started a few weeks ago. The price of Bitcoin (BTC) surged from $4200 to $5200 within and hour and it carried the entire cryptocurrency market along. Since then, the market has been trending sideways and upwards at intervals. As expected, a market correction started and the price of Bitcoin and many other cryptocurrencies started trading red against the USD. This morning, a Bitcoin news article on NewsBtc suggested that there is going to be a more serious market correction as soon as the price of Bitcoin gets to $5,500.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Price Forecast – Bitcoin Buyers Will Run Out Of Steam When The Price Gets To $5,500

At the time of writing, Bitcoin (BTC) was trading at $5,199.51. This means that it is down by 0.10% against the USD. The trading volume over a 24 hour period is $15,894,793,201 and the market capitalization is $91,698,420,097. Using a chart, the analyst explained that the background buying pressure of Bitcoin is going to drop and a sell off will proceed. However, it’s still not clear how low the price of Bitcoin will go when this happens.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$10,556.00
8.37%

The price of Bitcoin is moving near the 50 week moving average. When the price of Bitcoin finally broke the 200 day moving average after being stuck in a descending triangle for weeks, everyone in the market was sure that the price of Bitcoin will hit $6000. The analyst pointed out that even after breaking the 200 day moving average, there is a serious price barrier for Bitcoin which is the 50 week moving average. This is also aligned with the horizontal resistance. Yesterday, an analyst said that the Bitcoin bull run will reach downward pressure as soon as it gets as high as $7,500 and it would fall as low as $4,300 again.

Yesterday, another cryptocurrency analyst suggested that the pull back will start when the price of Bitcoin hits $5634. In his words;

“$BTC history says price tops no higher than $5,634 before a pullback. Previous bear market $BTC was held down securely under the 50-Week MA and current 50 MA sits near $5,634. Add to this horizontal resistance near $5,559 & you’ve got a very strong case for a potential pullback.”

Bitcoin Price Forecast – Bitcoin News Today – Bitcoin Price Prediction – Will Bitcoin Price Pullback or Will A Consolidation Start?

Different cryptocurrency analysts are giving unique Bitcoin price analysis. Some have said a pullback is inevitable while others have said that a Bitcoin price consolidation may be on the way. However, the analyst on NewsBtc said that a consolidation will occur before the pullback. Before the price of Bitcoin fell by about 50% in November, it consolidated for about 150 days in a roll. Again, the price of BTC consolidated in the $600 level for about 130 days. This was followed by a 25% break out in the Bitcoin price. Another well-known trader said;

“I don’t really see the rush to short. Even if we get rejected it’ll take a while.”

Traders have been calling for a Bitcoin price consolidation to $6000 for a while now. However, the pressure from the bears is increasing and the chances of hitting $6000 now appear slim.

What do you think about the Bitcoin news today? Will the latest Bitcoin price prediction 2019 happen this week? Share your thoughts in the comment section.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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