Bitcoin Manages To Stay Above $5,500 Amid New Collapse In Crypto Markets

Investing, News | April 24, 2019 By:

The cryptocurrency markets are seeing significant losses today, with most of the top ten coins registering losses between 5 and 10 percent.

The biggest loser on the day is Bitcoin Cash, losing more than 10 percent of its value over the past 24 hours. XRP, Cardano, Stellar, EOS and Litecoin are all down by more than 8 percent, while Ethereum and Binance Coin are down by 5.79% and 6.48%, respectively.

The price of bitcoin traded above the $5,600 level during yesterday’s session before falling back down to the $5,500 mark. In early trading, the most popular coin is down 1.18% at around $5,502.

While the price is slightly down, some analysts still believe that bitcoin’s price is approaching a new phase.

Simon Peters, analyst at eToro, commented on bitcoin’s price, saying:

“The stars are aligning for a bitcoin bull run. The short-term moving average for the price of bitcoin has finally moved above the longer-term average, which is often referred to as a Golden Cross, so investors are starting to believe that we might just be approaching a new phase for the price of Bitcoin.

“Hitting the $6,000 mark shouldn’t be the focus though, the real question is whether we carry on above $6,000.

“Previously $6,000 has been a major support level, so it’s likely we’ll see a bit of a sell-off if $6,000 is reached, however if that sell-off is overcome, and the price remains consistently above $6,000, there would be some serious momentum and belief that we could see the price carry on rising over the next year to around 60-70% of the all-time high.”