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The price of Bitcoin (BTC) has been on the rise since April 1 and its continued increase in market value does appear to be a joke. In Monday’s post on ArmyOfBitcoin.com, the current BTC market value continues to test USD $5,300 as the new level of resistance.
After crossing the $5,000 threshold in early April before retreating backward, BTC has rallied back above that level to currently trade around $5,180 as of this Monday’s market prices. The recent surge in value has been expanded to other cryptos; most notably Ethereum (ETH) and Ripple (XRP). The early gain for ETH to test the $180 market value level has been the most impressive at plus 8.25 percent. BTC’s market gain in early trading has been a bit more moderate at 1.9 percent.
The total market capitalization for all cryptos started the month at around $155 billion and it peaked above $180 billion on April 4. With another increase in value this past weekend, it has been able to hold steady at the $180 billion levels.
There have been constant corrections along the way against the rise in market price for BTC, but the overall trend remains on an upward path. The bulls are hoping that a close above the current resistance at $5,300 could expand this level to $5,450 by week’s end. The overall support remains to keep the value above the $5,000 mark. BTC is back in the news for all the right reasons to attract the interest of investors that have been waiting out the crypto market on the sidelines.
The price of Ethereum has been able to rise past that $180 resistance level and further market gains could push the resistance to $182. Some market bulls are already eying levels at $185 and even $195 on a longer basis. Holding above $170 would signal that this really does have some legs after recently breaking past resistance at $160.
Some of the biggest gains for smaller cap altcoins have VEST trending upwards of 60 percent. XVG’s value gain stands at plus 16 percent through recent trading sessions. The bears continue to keep a watchful eye on the situation with close attention on BTC and that crucial $5,300 level.
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