The crypto and Bitcoin market seems to be springing back into life as we enter a new week after a few days of a troubling lull. While everyone was happy when the markets woke up from months of bear-dominated sentiment, the good moments appeared to have been short-lived when things started crumbling late last week.
Bitcoin had just reared up its head to hit $5,200 when it got back down to just under $5,000. However, the markets are now stabilizing, and various analysts are conflicted about what exactly this means especially for Bitcoin.
To some, this could be a period when Bitcoin finally gets the chance to consolidate its position before a major bullish break out happens. This could happen especially if the crypto fails to break through the key resistance level of $5,200. However, if it does break through, the market could see a surge that would increase the total market cap from $170 billion to over $200 billion.
At the moment, Bitcoin’s daily RSI stands at 70, indicating a near-overbought range. The daily moving averages could also intersect sometime this month and bring the Golden Cross into play.
While the market shows mixed signals, crypto analysts find themselves pitted against each other in a debate about what the market is in for in the short-term. While some are optimistic and see a moderate price movement this week, some others aren’t so confident of that opinion and see a dump happening before the market gets enough traction to cause a bull run. Others expect Bitcoin to keep between $4,700 and $5,500 at least for the next few months.
What’s Happening Now?
At the time of this writing, Bitcoin trades at around $5,160 with a total market cap of $91.1 billion and a daily transaction volume of $17.6 billion. Data from Coinmarketcap indicate that the Bitcoin market is already up by 1.3%. Whether Bitcoin makes it past this point is yet to been seen, but not entirely unexpected.