Bitcoin rose by 2.91% on Friday, reversing a 0.78% fall from Thursday, to end the day at $5,083.
While the day’s gain was not the most significant of the current week, the hold onto $5,000 levels was.
It was the first hold onto $5,000 levels since 18th November, yielding a 22% gain for the current week.
Considered to be the barometer for the broader market, it took some time for Bitcoin to warm up. Since 6th February’s 2019 low $3,405.3, it’s been onwards and upwards.
The bullish sentiment seen across the broader market at the turn of the quarter has seen Bitcoin’s dominance fall to sub-51% levels. Quite a shift from just shy of 54% levels seen in February.
As impressive as the weekly return has been the Bitcoin market cap bounce back. Recovering from $59.5bn in January, Bitcoin’s market cap now sits at $88bn, down marginally from a 4th April year current-high $91.9bn.
Across the top 10 cryptos, it was green across the crypto board from Monday through Friday. Leading the majors through the week was Bitcoin Cash ABC, which rallied by 74.2%.
The impressive run at the turn of the quarter led to a near-term bullish trend formation. The only other major to have formed a near-term bullish trend is Binance, which gained just 10.5% to the end of Friday.
Other notables through the week included Litecoin, which was up by 47.3% and EOS that gained 17.6%.
At the other end of the table, joining Binance was Tron’s TRX, which rose by 15.2%.
There were no major news events to fuel the rally. With the SEC’s pending Bitcoin ETF decisions delayed by another 45 days, some suggest that the latest rally could be fuelled by knowledge on where the SEC sits, vis-à-vis possible approvals.
Time will tell whether this is, in fact, the case. Reading into the SEC’s decision to delay, it can only be considered good news. After all, if they were going to reaffirm the decline of the 9 ETF applications, this would have been done already.
Going into the weekend, the majors are sitting in the red at the time of writing. Stellar’s Lumen led the way down with a 1.93% slide in the early hours.
For the Bitcoin bulls, a 0.49% fall to $5,058.2 won’t be ruffling too many feathers. A hold onto $5,000 levels and a hold above the 23.6% FIB of $4,823 will have the bulls out in force. Price forecasts are already hitting the dizzying heights of $12,000…
For the day ahead
Bitcoin would need to hold onto $5,000 levels through the rest of the morning to support a broader market recovery.
The bulls will be eyeing a breakout from the first major resistance level at $5,167.17 to bring the current week high $5,335.5 into play. Any move towards $5,300 could see Bitcoin Cash ABC take a run at its 3rd April swing hi $348.31…
In spite of reasonable gains, it’s been far less impressive for Stellar’s Lumen and Ripple’s XRP. Once amongst the most responsive of the crypto majors, the pair’s gains of 17.4% and 16.7% could draw investor interest should the 2nd quarter bull run continue.
This article was originally posted on FX Empire
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