Bitcoin [BTC] has been quite resilient to all the negative news and speculations of a bear market as it continues to trade above the $5000-5200 support level. As the Bitfinex news created an air of uncertainty and fear around the traders, the HODLers seems to be more committed than ever.
The price of Bitcoin [BTC] at 12: 30 Hours UTC on 30th April 2019 is $5286. It is trading almost at par with the price yesterday. Moreover, it also marked the end of four weeks after the bullish move on 2nd April 2019. As the bull and bear were in a struggle after the sudden movement, the price action suggests consolidation is still in progress.
According to Willy Woo‘s famous Bitcoin Network Momentum analysis, Bitcoin is in a bullish mode. He suggested that:
“…the on-chain volume fractal looks like its setting up for a jump, this would bring us into a healthy volume level to support a bull market in the second half of 2019. (On-chain volume closely tracks investor activity)”
Bitcoin’s Resilience To Negative News
The Bitfinex Premium has also reduced by half since yesterday, currently at $113. Furthermore, Bitfinex is apparently unmoved as well; while the traders and investors are looking forward to the next court hearing between Attorney General of New York Vs. Bitfinex, Bitfinex is already making the news for releasing its Exchange Token and plans to raise $1 billion.
B.Biddles who was bearish and uncertain because of the Bitfinex news noted in a tweet today:
“Blown away by $ recovery. When it gets back to $1 does $ moon? Almost makes me think the next Tether release will have minor effects if any at all, or they’ll be even more short lived. Market is resilient af right now. That is bullish af.”
However, according to another popular analyst Tone Vays,
“while the monthly chart is slightly bullish… weekly chart suggest saying we’re in a bull trap, we’ve been held by the (200-Day) moving average; which means that the bear market is still intact. “
Furthermore, the 1-Day chart is forming a symmetrical triangle which can probably make a break towards either side. Hence, as Bitcoin is looking to move past the tussle between the bear and the bull; the resistance to the bear is more evident from recent events.
Will Bitcoin break the $6k resistance or give in to bearish pressure? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com