Bitcoin is back in the saddle and headed for higher vistas, again breaking the $5000 barrier this morning. However, historical price charts show that late yesterday afternoon, the cryptocurrency was down as low as around $4800.
“Bitcoin’s price has seen almost no change on the day, trading at around $5000 by press time, according to CoinMarketCap,” writes Adrian Zmudzinski today, looking at the rebound. “Looking at its weekly chart, the current price is a solid 22% higher than $4,096, the price at which Bitcoin started the week. … Data from the Google Trends platform recently revealed that Google searches for ‘Bitcoin’ nearly tripled during the recent price spike.”
Although the drop yesterday was significant to the tune of 2%, Bitcoin has rebounded again and now Yuval Gov at Cryptopotato this morning is looking at prospects for Bitcoin remaining on top of the $5000 mountain.
“From above, Bitcoin is still facing the $5000 area,” Gov writes. “The bears had set their high supply levels, and it seems that the task won’t be so easy. As mentioned in our previous analysis, the next significant resistance area of $5300, further resistance … lies at $5500 before reaching the 2018 legendary support turned resistance line at $5700.”
In addition to Bitcoin’s major rise, Bitcoin runner-up Ethereum is also at a major multi-month high, although as today’s reporting notes, it edged slightly down along with Bitcoin last night.
“Ethereum … the second-top cryptocurrency by market cap, is down 6.3%, trading at $161 at press time,” wrote Helen Partz in Cointelegraph on the dip. “Following a crypto surge, Ethereum is up about 15% over the past 7 days.”
To Ethereum fans, that’s a major long-term win after months of ETH stagnating under its previous February highs.
In fact, Ethereum never really got above $140 until early April when it shot up as high as $180 and has now stabilized right in the middle of that range.
In fact, looking at an annual chart you see that ETH has now officially made up all of its lost ground since around Thanksgiving last year. Now analysts are wondering if it will also retake the ground from Thanksgiving back to around August when it was up in the $400 range.
In general, both Bitcoin and Ethereum have come a long way, but still have a long way to go. It’s agonizing to traders to try to figure out whether these coins will crawl back up toward their all-time highs or shed this new value as quickly as it came. Watch this space.