Despite the cryptocurrency markets appearing increasingly bullish, the leading crypto assets have posted mixed results in recent weeks. While BCH and LTC have made significant gains over BTC in recent months, ETH and XRP have lost value against BTC for much of 2019.
Also Read: The Number of Crypto Exchanges Offering Margin Has Multiplied
BTC Price Structure Consolidates Above $5,000 Zone
Bitcoin core (BTC) has posted seven green weekly candles out of the previous nine, comprising the longest period of sustained bullish action since 2017.
The price action has seen BTC gain over 50% since the start of February, with prices consolidating above $5,000 throughout nearly the entirety of April. Despite the recent bullish momentum, many traders are expecting the market to encounter significant resistance near this $6,000 area, which comprised a major support zone during October 2017 as well as throughout the third quarter of 2018.
As of this writing, BTC has a market capitalization of $93.63 billion and a 24-hour trade volume of $14.13…