Bitcoin price action has had an incredible month, and now things just seems to be getting better – Bitcoin’s price currently sits strong above the important $5000 threshold, at a comfortable $5157.90, with a positive 1.31% price increase over the last 24 hours.
After lows in the high $4000s, positive bitcoin price action is back in business above the $5000 support
April 14th held a low of $5055, but then within the day the green candles were back and we saw a sharp rise to over $5200.
This comes a welcome relief to cryptocurrency investors and traders after earlier in the week on April 12th we saw a strong dip to the sub $5000 level, with bitcoin’s price touching $4937 at one point.
The week previous saw the peak of the continuous price rise that started on the 2nd, and culminated on the 10th – taking the coin from $4195 all the way to a high of $5490.
While volume is lower now that the excitement of the large institutional investor buying $100 million USD worth of bitcoin has worn off, the price continues to rise steadily after the minor April 12th correction. The 24 hour volume for bitcoin is $11.275 billion USD, and the market cap sits snugly over $91 billion USD.
The fear of bitcoin’s price staying sub $4000 seems to be over
The main fear after the previous rise in bitcoin’s price was the the $5000 level wouldn’t hold, due to low overall market volume. The price rose sharply due to the large institutional investor, but traders were concerned that the price wouldn’t hold due to the fact that it was an unnatural rise.
Now though, the price is firmly above $5000, and looks set to continue onwards. There was a strong price break above the $5080 resistance line on the hourly chart, which is positive news for buyer interest, and for the continued short-term price growth of the leading cryptocurrency.