The Bitcoin price (BTC/USD) has rallied toward the $6,000 mark, gaining more than $300 since the start of today’s session.
The original cryptocurrency performed strongly yesterday and was able to recapture the $5,500 mark during the afternoon portion of the session. Having opened the session at $5,402.42, the digital coin rose to as high as $5,522.26, before finishing the day at $5,505.28.
BTC’s advance has accelerated in today’s morning session, as the coin has made a strong move toward the $6,000 mark. At the time of writing, the Bitcoin price was hovering around the $5,800 mark, having risen above $5,850 earlier. BTC hasn’t seen such highs since November 14, 2018, which was the last day the digital coin traded above the $6,000 mark.
Bottom reached?
Bitcoin’s latest surge comes after digital asset research firm Delphi Digital released its April Bitcoin price outlook report, reaffirming its previous stance that the coin had reached its bottom for this market cycle. The report highlighted a number of positive factors for BTC, including strong support from long-term holders.
“Minimal selling coming from long-term holders throughout the consolidation period over the past few months. In fact, we’ve actually began to see a very slight uptick among long term holders, which is consistent with the trend after the previous cycle bottomed,” the authors of the report noted.
They also argued that the macro backdrop for Bitcoin had improved significantly since the start of the year:
“Bitcoin is back in favor as it finds itself atop the list of best performing assets year-to-date. This comes amid a significant recovery in risk assets, notably in riskier markets like Chinese equities, to start the year following one of the worst quarters for stocks in a decade. The risk-on move has given bitcoin support after it fell victim to the sell-off in riskier asset classes at the end of last year.”
Bitcoin finished April with a 30% price increase, which marked its third consecutive monthly gain this year. This allowed the coin to break above the $5,000 level for the first time since November 19. Now the coin appears to be eyeing the next major barrier.
In today’s trading, the Bitcoin price stood at $5,806.35, as of 11:19 BST. The digital coin had risen to $6,864.90 earlier in the session. it has gained 6.5% according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $102.6 billion.
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