Cryptomarket Analysis | best cryptocurrency exchange | europe crypto exchange | XDAT
Market Analysis
Bitcoin went full throttle last week, nuking major resistance at $6400 and marching ahead. The asset made 2019 high of $7521(exchanges price may vary depending on premium/discount) and remained strong throughout the week. The move looked more like a short squeeze since short positions have been piling up since mid-April. Adding to the fear last month was Bitfinex-Tether controversy that further convinced the traders about short term weakness of Bitcoin. However, Binance hack proved out to be a blessing in disguise with the Bitconists not giving undue importance to the hack, ever since the exchange stated that funds are insured.Overall Cryptocurrency market cap has exceeded $200 billion with Bitcoin dominance standing at 58.7% at the time of writing. As the price of the alts recede, traders might start siphoning funds in these assets thereby triggering alts rally. We are witnessing healthy pullback from the year high as of now in Bitcoin and expect the bullish momentum to continue. The weekly RSI has charted its course in the overbought zone negating the Parabolic price action for now.
Closing the week above $7100 would be significant for Bitcoin and in case of retracement, level of $6400 should as a strong support.