For the first time in 6 months, a majority of Crypto exchanges show that Bitcoin is trading above $6,100. This gain comes after a severe bear run where Bitcoin lost most of its value in 2018.
This is not the first time that Bitcoin is retesting the $6,000 price level. On Tuesday (May 7) 8:12 UTC, Bitstamp data shows that BTC touched $6,000 before correcting. However, this was not reflected in other Crypto exchange charts as they usually have a variance in their real-time data on display.
Nonetheless, this time around, BTC price of over $6,100 is consolidating and a bearish shock is unlikely to pull back the price below the price level.
Defying The Binance Hack Scare
Following the Binance hack scare that shock the Crypto market on Wednesday (May 8), many experts foresaw a scenario where investor activity could slow down leading to low trading volume and a price plunge as a consequence. However, BTC is bullish and the short-term outlook shows that the bullish cycle is not about to reverse; not even with the infamous Bitfinex loss.
Latest BTC Prices
Bitcoin price is above $6, 100 following a 3.57% gain in the last 24 hours as shown on Coinmarketcap data. This is a milestone for Bitcoin that only saw this price in November 2018. At the time, the market crash started because of ripple effects from the Bitcoin Cash hard fork wars pitting Craig Wright against Roger Ver. The hard fork led Bitcoin to suffer massive losses where the plunge troughed at $3,500.
Following the bull run, BTC has regained its market cap of above $100 billion that was last prevailing half a year ago.
BTC Market Dominance On The Rise
Because of its sheer value, a small rise in Bitcoin in a bullish market results in increased market dominance. For the first time in 8 months, Bitcoin market dominance is above 56%. This means that BTC is due to become a Crypto that determines the general health of the Cryptocurrency market in the future.
Bitcoin Bulls Driven By Massive Trade Volumes
Bitcoin’s trading volume on May 9 exceeds $15.5 billion. This is expected to surge tremendously in the course of the week as a bullish BTC triggers more market activities.
Despite the fact that the volume of trade for BTC is a good indicator of the vibrancy of investor activities, there are concerns that the figures are likely to have been inflated. For this regard, Bitwise Asset Management has developed a volume metric known as “Real 10” that shows volumes from top 10 “honest” exchanges. The real 10 methodology shows that the current volume is above $500 million.
Nonetheless, both metrics show an overbought condition meaning that Bitcoin is likely to establish a new level of support above $6,100.
BTC Is Headed For $7,200
Trading Room-a Twitter-based Bitcoin analyst-forecasts that BTC bull run is headed for $7,200. This prediction reaffirms bullish sentiments from Bitcoin fans such as Tim Draper, John McAfee, and Thomas Lee who have been telling everyone that a Bitcoin bull cycle is coming.
Trading Room is basing the prediction on an analysis of the 100 weeks moving average that shows that BTC is heading to the $6,700-$7,200 area which is likely to be conquered in 100 weeks.