After slipping below the psychological support level of $7,000 three times in the last week, Bitcoin is suddenly on the rise.
The price of BTC shot above $7,500 on Wednesday, lifting Ethereum, XRP, Litecoin, Bitcoin Cash and most of the altcoin market.
At time of publishing, the crypto market is a sea of green, with Bitcoin up 5.88% at $7,538, according to COIN360.
Ethereum is up 4.97% at $153.60, XRP is up 3.51% at $0.2262, Bitcoin Cash is up 5.50% at $221.89 and Litecoin is up 1.60% at $48.20.
Analyst and founder of Venture Coinist, Luke Martin, says Bitcoin needs to close above $7,400 to hold onto its newfound momentum.
“Waited a few weeks for BTC to show a sign of strength before wanting to take the next trade.
Often time during a downtrend – waiting for price to go up again will let you buy lower than trying to time a bottom. If daily candles can close above $7,400 this looks great.”
Fellow trader Cantering Clark says despite the big move, it’s far too early to flip bullish on BTC.
“Did I miss something? We are retesting the underbelly of what has been a pretty important piece of structure and everyone is already bullish? Let us at least paint a range and some type of floor…
I am willing to incur the opportunity cost of missing any potential bottom, right now there is a preponderance of evidence that the trend is not up. Missing the first 500$ is just the cost of doing business.”
Although it has pulled far back from its yearly high of $13,796, Bitcoin is up 101% in 2019, after starting the year at $3,739.