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Bitcoin Price Holds Above $5,000 on Red Market Day: Strong Resistance, or Ready to Tumble?

  • Jack Thomas
    🤷 Opinions

    Despite some major losses across the cryptocurrency market, Bitcoin has held strong above $5,000 – but will it last? Can the market bounce back?


Bitcoin Price Holds Above $5,000 on Red Market Day: Strong Resistance, or Ready to Tumble?
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The cryptocurrency markets have been thrown quite deeply into a day of losses as some of the top coins are down as much as seven and eight percent. However, despite this bad news, there is some positivity to be found as it seems that Bitcoin is looking to hold the key resistance mark of $5,000.

Even through the dip in the price of the market, Bitcoin has managed to level out just above $5,000, but this comes after it reaches highs of $5,200 before falling. However, the next move of the market will be determined by whether the major cryptocurrency can hold onto the $5,000 mark.


Bitcoin is still down over three percent in this latest fall, but that is not too bad compared to other coins, and other losses that have been seen through the last 12 months. It may just be that this is a small correction rather than anything major – especially if Bitcoin stays up.

Red day

The market is feeling the squeeze from this latest fall as all of the top 20 coins – barring Tether – are in the red with Litecoin and Bitcoin SV feeling it the most as they have fallen by seven and eight percent.

It seems that this correction, or dip, is being governed by Bitcoin, however, as the price stopped falling when Bitcoin reached its key resistance of $5,000. At the moment, there is a levelling off that is happening, but the next move in the market will likely be affected by what Bitcoin decides to do.

Hold strong or fall?

If Bitcoin is able to keep its resistance above $5,000 it will be easy to call this small dip nothing more than a correction, especially considering that Bitcoin was on the rise yesterday and had made good gains.

The cryptocurrency sentiment is a lot stronger than a few months ago, or into late 2018, and this is also reason to believe that the resistance of Bitcoin could be strong enough to keep the market from further losses.

That being said, if the price does fall below $5,000 there should be concern as the cryptocurrency has only just established this resistance floor and for it to lose this footing will take a big dent in the confidence of investors.

Cover image via u.today
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Blockchain Adoption Uncovered by Forbes as Billion Dollar Companies Buy In to Drive Technology

  • Darryn Pollock
    🤷 Opinions

    Blockchain adoption by billion dollar companies is probably a lot further along than expected as Forbes has revealed


Blockchain Adoption Uncovered by Forbes as Billion Dollar Companies Buy In to Drive Technology
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Forbes has recently released a list of 50 companies utilizing blockchain technology that are valued at over a billion dollars, these companies include the likes of Amazon, Microsoft, IBM, as well as less technical ones such as BP and Walmart.

What is surprising about the list is just how broad the scope of interest is when it comes to blockchain by these massive global companies. The adoption of blockchain, over the last 10 years, has been relatively slow, up until now.


But, in 2019, it seems that the future of technology has been laid out and to get a competitive edge these companies realise that there is a lot that can be done with blockchain and that they need to get their foot in the door.

Heavy hitters

While the Forbes list paints a grand picture of blockchain adoption, it also shows just how far along in the process some of these companies are. For companies to have made it onto the list, they have to have been using blockchain in some sort of effective and tangible way.

There are some, like insurance giant MetLife, which already has a working blockchain, and product, that has been going since 2014. Back then, the adoption of blockchain by major companies was not even heard of – it was more about the starting boom of Bitcoin.

But blockchain is the new leader in the space, taking over the batton from cryptocurrencies which certainly helped raise the profile of the entire ecosystem. If it was not for the cryptocurrency boom, a lot of these major companies would never even have stumbled across the underlying technology.

A drive for blockchain

Now, with the cryptocurrency market right back down again, and a lot of the speculation having been cleared out, there has been a whole year of rather focusing in on blockchain building and its application, instead of making money off speculative tokens.

That change in mindset has really helped major corporations take on the technology and begin experimenting with its efficiency and disruptive powers. There is almost an arms race going on as the advantages the technology can give across a huge spectrum of enterprises, which are massive and very coveted.

A need for enterprise investment

There still remains a debate as to whether blockchain, and crypto, with its decentralised nature, is in need of these major corporations coming in to monopolise the space which was born out of defiance of banks.

However, it would be foolish to think that blockchain can reach its full potential without a drive from big companies with big budgets. Smaller startups and companies are able to bring innovation and excitement to the space, but the mass adoption will only come when the heavy hitters are involved.

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