Bitcoin price is returning on its gaining track after dipping as low as $5,100. Can BTC/USD make it this time above the major $5,800.
Bitcoin Price Analysis – Bulls Took Control
Bitcoin price as a whole with the crypto-market is jumping back in the game on Thursday – Oct 19, following a very significant pull back yesterday. BTC has returned above the $5,700 level with almost 10 percent of gain only in the last 24-hours after buyers engaged with their speedy momentum.
The dip yesterday was of an awaited-matter as the major increase in price took place in a very short period of time. The Bitcoin market capitalization dropped from almost $100 bln to $85 bln and the following virtual currencies went downwards after the leader of the pack.
Wednesday’s bitcoin price decline caught many investors by surprise, and it was difficult to ascertain what caused it, other than that traders were taking profits following last week’s rally. The pullback put severe downward pressure on the bitcoin price, which fell as low as $5,151. However, bitcoin held firm at this level, and support gradually began to return, enabling the flagship cryptocurrency to mount a successful recovery. Ultimately, the bitcoin price posted a single-day return of 10%, bringing it to a present value of $5,733, which translates into a $98.5 billion market cap.
To continue gaining while aiming to pass its previous all-time high, the pair BTC/USD has to break and close above the range-bounding movement that has been experienced for a week now between $5,500 and below $5,800.