The Bitcoin bulls seem to be back. Bitcoin suddenly dropped below $5,100 on April 25, a few hours after reaching $5,500. Although an even bigger correction back to the $4,000 region was expected, Bitcoin has managed to climb back passed $5,200.
Bitcoin was again able to defend its new $5,000 support level. The biggest cryptocurrency by market cap broke out of a resistance channel earlier today, this after moving sideways for almost 5 full days.
During the sudden bullish momentum, most altcoins have seen a nice uptrend. Major crypto assets like Ethereum, XRP, and Bitcoin Cash are all recording gains, mostly in the range of 2 to 5%. Litecoin is the best performer of today, showing an 8% increase over the last 24 hours.
The market is showing that bulls are still there and are ready for another run. The upcoming days will show if the positive trend can be continued. Bitcoin is currently trading in a bullish zone between $5,200 and $5,280. Consolidation in this range is likely to cause another bullish move that could touch $5,500 and surpass the 2019 high around $5,632.