On 19th of April, the chances of a bullish breakout of bitcoin’s price were anticipated and the cryptocurrency did deliver. The price moved above USD 8,250 and USD 8,300 resistance levels. It seems that the breakthrough has increased the sentiment in the market as a number of cryptocurrencies are breaking ground and passing their resistance levels. Cryptocurrencies including Bitcoin, Neo, litecoin, ripple, and etherium have zoomed higher in the recent days.
The next day, Bitcoin was traded at a highest price of USD 8,398 before correcting to a lower price. BTC to USD conversion that day was up by about 1.45%. The price stood at USD 8,300 with an immediate downside support at USD 8,250 which was backed up by the pivot level of USD 8,200. It was clear that if the price was able to cross the USD 8,360 resistance level, the rate of icrease would just accelerate, which is exactly what happened. Bitcoin’s price accelerated quickly and as of April 25th (midday) the price stands at USD 9,430.
Etherium also followed the lead and broke its key resistance level of USD 540. ETH easily crossed the USD 550 resistance level the same day and showed signs of even further increment. Etherium faced hurdles at resistance levels USD 580 and USD 600. Once it crossed these hurdles, the price accelerated upwards. Etherium is currently priced at USD 661 with a 24-hour high price of USD 711.
Ripple flew upwards, breaking many resistance levels including USD 0.75, USD 0.80, and 0.85. Ripple is currently standing at USD 0.877 and is on its way to the USD 1.00 milestone.
Bitcoin cash also showed increases. In fact, bitcoin cash has outperformed a majority of cryptocurrencies during this timeframe. Bitcoin cash was being traded already at about 10% higher that its starting point on 19th of April. Bitcoin cash greatly accelerated from that point on and hasn’t shown any signs of stopping anytime soon. Currently, Bitcoin Cash is standing at a price of USD 1,400.37 with expectations of further increment.
It clearly seems that Bitcoin not only pushed its key resistance levels within the last seven days, but it has also pushed the growth of value of other cryptocurrencies as well. Perhaps a great time to invest?