Is the Bitcoin heading towards $6000?

  • by Ahmed Mamdouh
  • April 23, 2019, 15:15 AM
  • 210 Views
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Bitcoin, the world’s largest digital currency in terms of market capitalization, extended its rise on Tuesday to record a new 2019 high, raising expectations prices are heading towards $6,000.

The Bitcoin added 4.66 percent to 5,5569.64, resuming its rise for a second straight session, after witnessing a slight downside correction over the weekend.

Meanwhile, the price could rest upon strong resistance built at $5,200 to continue its bull run that started in early April.

Some technical analysts predict that a golden cross of the SMA 50 over the SMA 200 could lift the Bitcoin prices higher above $6,000. This could occur as soon as today or tomorrow.

The trading volume for the Bitcoin soared from $10.1 billion on April 1 to $14.6 billion today, with the Bitcoin dominance currently at 53.3 percent.

Ethereum edged up 2.38 percent to $175.60, while the Ripple slipped 0.12 percent to $0.3261.

The total market capitalization meanwhile stands at $184.9 billion, with the 24-hour volume registering $51.3 billion.

Japan would discuss the guidelines it has formulated with the finance ministers and the central bank chiefs in the upcoming G20 summit scheduled from June 28 to June 29.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) published a regulatory guidance for token issuers, but still did not approve Bitcoin ETFs.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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