Bitcoin has been experiencing an ongoing upwards trend for quite some time now. The bullish period has surpassed the test of time and it is safe to assume that bitcoin has officially settled near the six thousand dollars ($6,000) level.
This is a slow but stable recovery from the blow it suffered in 2018. In 2018, bitcoin failed to find a stable support level near the six thousand and four hundred dollars ($6,400) price mark and continued to descend until it hit the less than three thousand dollars ($3,000) region.
At this point bitcoin’s future is at stake. If the price ascends the six thousand dollars ($6,000) level then it is likely that it will continue to ascend and possibly make a new high for bitcoin.
$BTC now at $5750, the 2018 low prior to the November crash.
– The 2018 bear trend ended once above $4200.
– Above $6400, 2018's most traded price, it's a bull market. pic.twitter.com/rIQI8RIPgs
— Alex Krüger (@krugermacro) May 3, 2019
As of now, bitcoin is trading at six thousand four hundred and fifteen dollars ($6,415). This is an increase from the 24-hour low that stands at six thousand and hundred dollars ($6,100).
This upwards movement has made bitcoin hit a new all-time high of 2019. The current trading price of the coin is close to what it was trading at in the month of November of 2018, which was before the descending price mark started.
This increase is suspected to be linked with the increasing trading volume. The current trading volume of bitcoin is near eight hundred million dollars ($800 million).
1/ New Research from us @BitwiseInvest.
As part of 226 slides presented to the SEC on our ETF filing, we did a first-of-its-kind analysis of *order book data* from all 81 exchanges reporting >$1M in BTC volume on CMC.
TLDR: 95% of reported volume is fake but LOTS of good news! pic.twitter.com/TuXLlDCRyP
— Bitwise (@BitwiseInvest) March 22, 2019
Many analysts have stated that bitcoin needs to exceed and stay at the six thousand four hundred dollars ($6,400) mark to indicate the start of a new market of increased momentum.
Alex Krüger is a renowned economist and he tweeted in the agreement. He also thinks that by exceeding and being stable at the six thousand four hundred dollars ($6,400) mark, bitcoin will be ushering a new era for itself.