Cryptocurrency markets are back up as we round out another week of lockdown. Almost US$15 billion [AU$23.5 billion] has reentered the space as Bitcoin and its brethren return to resistance levels, but can they break through this time?
Things have held there, which is good news. The momentum could be indicative of further bullish sentiment; however, key resistances at current levels need to be breached first.
Bitcoin hit a five-day high of $7,200 a few hours ago but found resistance there and has pulled back to support at $7,100. BTC really needs to top $7,400 before it can be considered bullish again in the short term.
Analysts have observed that Bitcoin is trading below production costs, which is a very strong buy signal, especially just before a halving.
Bitcoin is trading below production cost 25 days from halving… last time bitcoin was trading below production cost into the halving it rallied 2,700%. $BTC #bitcoin @caprioleio @PrestonPysh pic.twitter.com/IFRD0Uyzsn
— Mario (@Token_Mario) April 16, 2020
It was also pointed out that the last time this happened, there was no global recession, so things are very different this time around.
Today’s top mover is Ethereum, which has cranked 13% to reach its own resistance point just over $170. BTC dominance has fallen to 65% as a result according to TradingView.
Other altcoins performing strongly over the past 24 hours include Bitcoin Cash, EOS, Tezos, and Chainlink.