Bitcoin at the border: Will the bulls lead it further?

February 25, 2019   Bitcoin

Bitcoin (BTC) has been a hot topic for days now, as the coin spent almost a full week trying to break the first big resistance at $4,000. The largest cryptocurrency by market cap has been struggling to overcome the barrier with the bulls trying to push it further, but for now, these efforts were fruitless.

Bitcoin managed to breach the barrier several times in the last six days, although each time it did, it was pushed back in a matter of minutes. The breach occurred as many as four times in the last 24 hours, with each of them being followed by a decline. At the time of writing, BTC is growing by 0.22%, once again climbing up to try and meet the challenge.

The situation has caused numerous traders and investors around the world to wonder what lies in the future, and what might happen in the following days.

Where can Bitcoin go from here?

In the last three months, BTC has seen several sharp surges, followed by equally as sharp drops. Even so, the last time its price was above the $4,000 mark was in early January. Since then, its price was sitting just above record lows, although it never dropped below $3,400.

Then came the bull run that affected the entire market, but while coins are trying to grow, each of them is constantly hitting their respective roadblocks, starting with BTC. The overall sentiment regarding the crypto market is still relatively weak, with investors remaining skeptical regarding the bull run. However, the mood appears to be changing over time, and many believe that BTC might finally break out in the following days.

If it does happen, it is expected that a new rally might allow the coin to grow by as much as 35%, bringing it to the next major resistance at $5,500. This is where the next big crossroads awaits, and if the bulls prove to be unable to get Bitcoin past this mark, a U-turn is more than possible. If that ends up being the case, the major support lies at $3,700, which is close to where the coin is right now.

If this support ends up being broken, the next one can be expected at $3,300. In other words, Bitcoin is in a do-or-die situation, with a U-turn, if it happens, being a chaotic and potentially deadly event.

The rest of the market remains mostly bullish

While most eyes in the crypto space continue to track Bitcoin's every move, there are also a lot of those that are focusing on the top altcoins as well. The bullish trend can also be felt among the top 10 largest coins by market cap. Ethereum has been doing particularly well, and the coin even managed to grow by 35% recently, while the majority of ERC-20 tokens are also performing relatively well. Binance Coin (BNB) is one of them, notable for being in the top 10 group as well, and the coin's value has been seeing growth for the entirety of February.

Two coins are noticeable for being seemingly unaffected by the bull run are XRP and TRON, both of which are seeing gains, but the overall view of their performance indicates that their prices are being on the drop over time. XRP even managed to lose the second spot on the list of largest coins to Ethereum, even after holding on to it for more than three months.

As for Bitcoin, if the positive trend continues, and BTC price doesn't fall below $3,400 in the next several days, the coin will successfully complete the green candle, making February its first positive month since July 2018.


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