Bitcoin (BTC) has ramped to its highest price of 2019 and volatility has reached a 30-day low. Many see the cryptocurrency market reaching a place of organic maturation rather than an alternative investment fueled by FOMO investors.
So, what is ahead?
If bitcoin remains above the $4,000 level by the month’s end, which many analysts predict would happen due to the positive sentiment around the cryptocurrency market, it will record three consecutive green candles, a move that could reverse the 16-month bear cycle and march forward for a gradual recovery through the rest of the year.
Another positive sign of bullish momentum is the speculation that is once again stirring in the smaller cryptocurrencies. Dash jumped 31% higher, Monero 10% higher, and an incredible 50% gain in Tezos have all been signs of hot money returning to markets.
In addition, Bitcoin’s market capitalization has also risen significantly, up $5.1 billion on the day to $78.8 billion, its highest since Nov. 22, 2018.
The next major resistance to watch out is at $5,200. If buyers even manage to surpass $5,200, the previous breakdown support at $6,000 could be tested (a strong sell zone).