Bitcoin [BTC] climbs back above the $5000 level to retest the $5100 resistance level. The price of Bitcoin [BTC] at 4: 00 Hours UTC on 13 April 2019 is $5119. Bitcoin is looking to find support near the $5000 level. It is trading 1.85% higher on a daily scale.
After a Swift fall-back from $5500 level Bitcoin registered a low of $4952 with a 9.96% decrease on a daily scale. However, it climbed back above $5000 starting to form support near the $5000 level.
John Pearlstone, a trade analyst, commented on the recent break-out and fall-back of Bitcoin from $5500, back to the support level of $5000.
“This is very typical price action during a bullish cycle,” he emphasized, adding that “price action continues to favor the bullish path even though we’ve pulled back,” with the next “likely target” being $6,000.
Bitcoin Cash [BCH]
Bitcoin Cash [Cash] gained over 12% in 4 hours as BTC bounced back above the $5000 level. The rise can be attributed to the #Delist Bitcoin SV [BSV] movement that might have restored investor and miner’s confidence in BSV’s biggest rival: Bitcoin Cash [BCH].
The price of Bitcoin Cash [BCH] at 4: 00 Hours UTC on 13 April 2019 is $285. The price is trading 7.8% higher on a daily scale.
Litecoin [LTC] and Bitcoin [BTC] chart have shown similar movements in the last few days. As Bitcoin’s dominance is still 51.9%, the movement on Bitcoin [BTC] has a considerable effect on the markets. However, the gains and losses on Litecoin [LTC] have been steeper than BTC.
The price of Litecoin [LTC] at 4: 00 Hours UTC on 13 April 2019 is $80.6. The price is trading 3.58% higher on a daily scale.
Some of the other cryptocurrencies with notable gains were Binance [BNB] coin, NEM, Ontology (ONT), Tezos (XTZ), VeChain, Basic Attention Token [BAT], Lisk, Nano. Moreover, while most of these gains were scattered around 5%, BAT, Nana, and Lisk neared double-digit gains.
Tron[TRX] and Cardano’s ADA token gained 2.67% and 3.04% respectively on a daily scale.
Ethereum [ETH], XRP and Stellar [XLM] Among Lower Percentage of Gainers
The altcoins which are currently coupled with Bitcoin [BTC] price also gained by small amounts on 12th April 2019. Ethereum [ETH], XRP and Stellar [XLM] registered an equivalent rise of less than 2% in a daily period.
The price of Ethereum [ETH] at 4: 00 Hours UTC on 13 April 2019 is $165. The price is trading 1.40% higher on a daily scale. Whereas, XRP and Stellar traded with a high of 1.06% and 1.30% respectively.
Do you think Bitcoin will hold the $5000 support level as volatility in Bitcoin price continue to decrease? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst 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