Is Bitcoin on the way to $6000?

Last week will be remembered for rapid growth of cryptocurrency. The total market capitalization increased from April 2 by 18% to $ 174 billion, and daily trade volumes of BTC reached $ 23 billion on Friday. Incredible numbers, which are supported by the “surprise of the month”: the free take-off of Bitcoin from $ 4,200 to $ 5,300.

On the night of Monday, the total capitalization of the cryptocurrency market exceeded 185 billion dollars for the first time since November 2018. Since the beginning of 2019, the market capitalization has steadily increased. Bitcoin capitalization increased by $ 3 billion overnight, and the dominance index dropped to 50.2%. Growth was shown by almost all Alt-Coins in the top 20 cryptocurrency rankings by volume.

From the side of technical analysis, it is necessary to note the importance of the $ 5,300 mark for BTC. Through this level passes the 200-day moving average, to which financial markets always pay increased attention. For large investors, it is a kind of market indicator. Quotes above this level indicate the predominance of bitcoin purchases.

The cryptocurrency market continued to grow on Monday. Bitcoin quotes reached the level of $ 5,200, Ethereum strengthened to $ 178, and XRP slightly decreased to a level of 0.3560.

On Tuesday, the main cryptocurrencies are gradually adjusted down, despite the good news from Facebook. So, a social network creates its own digital currency, supported by several fiat currency.

Despite this positive news for the crypto market, the rate of Bitcoin, according to Libertex, dropped by 10.00 per day by 0.08% to $ 5229 with a capitalization of 92.1 billion dollars. Ethereum by this time fell by 0.51% - up to $ 177.4, its capitalization amounted to $ 18.7 billion. XRP for the day declined in price by 0.29% - to $ 0.349 with a capitalization of $ 14.7 billion. Litecoin fell 1.14% to 86.6 dollars, its capitalization reached 5.3 billion dollars.

The total capitalization of the crypto market was $ 179.9 billion. According to financial experts, cryptocurrency is currently in a state of overbought, and therefore Bitcoin in the near future can fall in price to $ 5,200. But in our short-term forecast for Tuesday, we expect Bitcoin to continue to grow to levels of 5230, 5250, 5300 dollars, Ethereum - to marks of 180, 182 and 185 dollars. And the price of XRP will rise to levels of 0.3580, 0.3600 and 0.3630.

Bitfinex Cryptocurrency Exchange reported on Monday closing more than 20% of Bitcoin transactions worth nearly $ 35 million. As a result, the number of short positions has been at a minimum since March 2018. The closure of such a number of transactions can be associated with both the growth of optimism for further growth of the Bitcoin price, and with market manipulations. While the main cryptocurrency maintains the growth trend and moves to a strong resistance level of 5350 dollars.

The leaders of one of Tron’s most popular cryptocurrency projects recently announced the launch of the USDT steyblecoin on the Tron blockchain on April 9, which will expand the capabilities of application developers on the network. In addition, on May 30, the launch of the SUN Network test network is planned, which will simplify interaction with previously integrated modules.