cryptodailytrading.com

Bitcoin Price Resistance Hovers over $4,000 โ€” Is It Predicted to Boost from There or Fall?

  • Darryn Pollock
    ๐Ÿคท Opinions

     

     

    Bitcoinโ€™s crossing into the $4,000 range has seen it mostly stay above this key resistance, but what is the next move โ€” more growth and a potential explosion marking the true cryptocurrency spring, or will it be a fall that could take Bitcoin down to its true bottom that maybe has not even been seen in the last three years?


Bitcoin Price Resistance Hovers over $4,000 โ€” Is It Predicted to Boost from There or Fall?
You may also like:
Contents

As part of the cryptocurrency spring, Bitcoin has managed to make it past $4,000, and then fallen back, only to fight to reach that same mark again. With that, Bitcoin has been able to remain above the $4,000 mark for a longer period of time in this second foray above the resistance mark, but where does this coin go from here?

A small drop seen overnight has taken Bitcoin briefly below $4,000, but it bounced back to sit on that floor, showing there is a strong resistance level at that point. Nonetheless, it is also vulnerable to falling below that mark, and potentially falling drastically if it canโ€™t keep above it.


However, with the price of the coin showing a better level of stating power, the alternative is that this may be the mark that springboards the coin into a much higher price bracket, especially considering the generally good cryptocurrency sentiment that is around at the moment.

The state of the market

The cryptocurrency market in general finds itself interestingly placed as there is a change in sentiment, but it is certainly not a bull market. News surrounding positive improvements in the cryptocurrency space have seen certain coins boosting and holding their gains, but not on the same level as was seen before.

At the same time, negative news has also not sent the price of the market crashing as was commonplace through most of 2018. What is interesting to note, however, is that there has been very little development surrounding Bitcoin in terms of positive mainstream news, rather it is the altcoins in the spotlight.

Altcoin season

Bitcoin still directs the market โ€” in that when it rises, the rest of the market rises too and vice versa โ€” but what has been seen is that a few key altcoins have been doing very well and have been doing their bit to bolster the market.

The likes of Litecoin has been growing well, up 50% this year alone, and that has helped change the sentiment of the market and in its own way, shifted the price of Bitcoin in a positive manner.

What is potentially poised to happen is that the altcoin season could bolster the market enough to get Bitcoin in a position to rally, and that rally could well mark the beginning of the crypto summer again.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!
๐Ÿ‘“ Recommended articles

Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet โ€” Is This the Future?

  • Jack Thomas
    ๐Ÿคท Opinions

    Binance Coin has once again surged, and it is off some big news that could well cause major competition for Ethereum.


Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet โ€” Is This the Future?
You may also like:
Contents

On a day where the markets are predominantly in the red, but only slightly, it is interesting to note that Binance Coin is surging. The exchange token is up fiver percent, but it is totally understandable as to why there is so much positivity around the company.

The biggests news, which comes off the back of its decentralized platform, Binance DEX, is that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.


This means that Binance Coin will be shifting away from Ethereum, leaving questions open as to what this means for Ethereum, which has been under the pump to stay relevant in todayโ€™s crypto and blockchain space. This move will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance chain.

A positive investment

All the good news emanating out of Binance has not only helped the coin to climb in price when the rest of the market settles down โ€“ it is helping it head towards a new all time high. Binance, like many altcoins, reached its ATH in January of 2018 in that parabolic stage.

Binance Coin hit $24 back then, and now, it is at $21 and rising with the thoughts being that when the mainnet move takes place, there could well be an even bigger surge. It is also interesting to note that just a few months ago, at the end of last year, it hit lows of $4.50.

Competing with Ethereum?

The mainnet move is obviously good news for Binance, as the markets are suggesting, but is it equally bad news for Ethereum, which was the holder of $3 billion thanks to the exchange. Many people have speculated that this new blockchain platform will pose competition to Ethereum, but ultimately it will help diversify Binance Coinโ€™s use cases while also increasing its utility.

So perhaps rather than being a direct competition to ETH, it is only going to strengthen Binance Coin and in doing so perhaps spell out the future of cryptocurrencies as there is good reason to believe that this token, with its added utility and use cases, will be a viable token for the world going forward.

Cover image via 123rf.com
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!
๐Ÿ‘“ Recommended articles