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Price Analysis

Bitcoin (BTC) Price Analysis: Is This The Lull Before The Storm?

Bitcoin (BTC) that had hit another new landmark just yesterday astonishes us with great price bands in the daylight. The surge is enough to make the investors and the community cheerful about the returns they are gaining or they’ll be gaining later or sooner.

But the highlight of this gush is that the top 5 currencies viz. Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin have been diving; other than Bitcoin that is escalating its way through and gaining hands to grab it when it’s yielding.

Bitcoin Chart

This shows that there are no related factors available to influence other coins with the pace of Bitcoin value.

Current Statistics at a glance:

Bitcoin Chart

As per the above 3 hour Bitcoin price chart by Trading View on the platform of Binance on 10th May at 3:47 UTC time the important related statistics are as follows:

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Bitcoin price is currently at $6263.56 in the crypto market. The Market Capitalization of Bitcoin is 111,202,271,139 USD with s 24h volume as 17,960,440,162 USD. The circulating supply at present is 17,692,025 BTC with the growing Return on Investment at 4,543.01%.

The above 3 hour chart of Bitcoin price shows a great ascent of price from $6118.88 at the initial hour to $6274.00 at the half time. The splurge of 2.53% in the matter of a tick on the clock is an illustrious data. Currently, it is trading at 0.16% less than the highest of these hours which is negligible taking into consideration the subject of market volatility.

Bitcoin Chart

The technical indicator of the same is evidence of the strong movements of BTC price along the scale and consider the actions of investors. The investors are likely to go for a long position in the investment of Bitcoin and not necessarily have a put option currently assuming that the volatility will lead to a sudden plunge in price.

 

Conclusion:

As we notice that the top 5 coins on board of the crypto market are showing a downtrend in the last 24 hours except BTC which is growing massively. Such was not a case a few days back; it was Ethereum (ranked at the 2nd position) that was growing at an increasing rate as compared to Bitcoin.

Keeping in light the market volatility and the history, it doesn’t take enough time to follow its peers but again, once a market leader is always a market leader. This leads us to currently say that Bitcoin is likely to build a strong resistance level at $6500. Period.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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