Bitcoin spikes in less than 24hrs, heads for a higher resistance level

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The big bull more than any other cryptocurrency has shown immense growth over the past few months. On the 3rd of April, after Bitcoin made an upswing to the $5000 level, the big bull had since been trying to build momentum enough to push it to the resistance level of $5200 and $5300 mark.

However, since the past two weeks, BTC had been struggling to stay afloat ever since. While the big bull was able to hit $5400 a few days ago, Bitcoin took a downswing, one that left it dangling below the $5100 mark.

Meanwhile the past 24hrs has taken a rather impressive turn as Bitcoin seems to be making a swift comeback, one that has moved it up by more than 5%, more precisely, Bitcoin which had previously hit a daily low of $5,024 and further went on to close at $5,067 made a dramatic upsurge in price.

Bitcoin spikes in less than 24hrs, heads for a higher resistance level

Trading at $5,228 at press time, Bitcoin was quick to add up more than $130 to its previous trading price in less than a day.

One factor that certainly played a major role in this price pump as with other cases is the drastic increase in trading volume which can largely be credited to BitMEX traders whose trading pairs of XBT/USD is now totaling at $1.78 billion, with 3% in gains, an increase in trading volume is likely to result in a $2 billion trading volume from BitMEX trading.

This could progressively move Bitcoin up to the $5300 and $5400 mark. Following BitMEX, FCoin exchange will also pioneer this increase with trading pair of  BTC/USDT already going as high as $1.09 billion.

While Bitcoin is yet to recover, the big bull is slowly but certainly headed for higher grounds. With only a few dollars away from the $6000 mark, it is expected that Bitcoin will hit a new yearly all-time high before the close of the year.

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