Bitcoin’s activity today has set its price at a high in over 4 months, to $5,080. The change from bear to bull market has been completed. In the short-run, it may be difficult for Bitcoin to reach the $5,200 mark. We can see Bitcoin revert back to $4,400 if there are signs of bullish exhaustion in the coming days. In order for Bitcoin to remain in the longer-term bull status, it would need to reach near $5,200. The reason why Bitcoin had a recent jump, was because of the $15 billion trading volume that occured overnight. Furthermore, the spike that was experienced today has created a positive trend for the market’s top cryptocurrency. To maintain a bull market, the bulls need strength to break above the 21-month EMA, before attaining a victory over the bears. Other top digital currencies, such as EOS, ETH, and XRP are also on the bullish trend with increases of 5% each. Analysts believe that Bitcoin can reach up to $6,000. We are as excited as ever, to finally have Bitcoin maintain a strong standpoint in the global market.
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