After lying around flat for most of last week, Bitcoin’s USD value shot up on the weekly price chart this Monday, pushing the cryptocurrency over $4,000. Judging from the market statistics, it was a big surge in trading volume that drove the price increase accompanied by a bullish market sentiment. Luckily, that sentiment hasn’t changed over the past 24 hours and is still helping Bitcoin stay up.
As Forbes reports, Bitcoin’s daily sentiment shifted to positive last Friday and exploded at the start of this week, pushing the coin’s value upwards. A similar trend was likewise observed for other popular cryptocurrencies, which once again benefited from Bitcoin’s bullish market. According to an analyst who spoke to the magazine, 10 of the top 20 cryptocurrencies had high or very high sentiment yesterday, just like Bitcoin did.
Still, some experts agree that the bear market is yet to end. According to the CEO of crypto hedge fund BitBull Capital, Joe DiPasquale, Bitcoin is yet to signal the end of the bearish wave. In his opinion, he believes that Bitcoin will need to surpass $4,500 or $5,000 to show us that the bears have had enough, something he thinks will happen by the end of 2019.
Market Dominated by Buyers
Bitcoin made a sharp turn upwards since our latest price update, jumping from a low point of $3,619.18 on Friday afternoon to gradually hit a new level of $4,010.88 this Tuesday. The positive price movement was clearly triggered by an increase in 24-hour trading volume, which went from $6.5 billion to surpass $10 billion during Bitcoin’s weekly peak. The volume is still fairly high, even today, sitting at $8.8 billion and hinting that another price correction might be coming. The market capitalization, on the other hand, is at $69.1 billion.
Our technical analysis shows that the market is still in a buying mood, with 10 out of 12 moving averages and 4 out of 12 technical indicators sending a “buy” signal. The SMA 100 has climbed over the SMA 200, showing us there’s less resistance on the upward path. With similar signals evident on the short term charts and trading volume being significantly high, we are expecting Bitcoin to consolidate around the current price level and push further upwards. Still, it’s good to keep an eye on the chart in times like this as the bearish market may not be over yet.
New Galaxy S10 to Include Crypto Wallet?
One of the factors contributing towards Bitcoin’s positive sentiment over the past week could be the rumors of major electronics manufacturer Samsung’s plans to include a cryptocurrency wallet in its up-and-coming flagship device, the Galaxy S10, according to the Independent. The rumors first started near the end of January when leaked photos of the phone surfaced online showing a hole-punch display on the device and a new app called the Samsung Blockchain Keystore, but they have intensified over the past few days as Samsung is preparing to unveil the S10 this week.
So far, the app is only a speculation with unconfirmed functions, but if previous leaks have proven anything, it’s that these speculations could very well turn out to be true. It seems that the app in question is a wallet that you can use to store cryptocurrencies but also import other crypto wallets into it. Thus far, other manufacturers like HTC and Sirin have already released devices with cryptowallets, but having Samsung include such an app by default in its flagship phone could add significant support to the cryptocurrency sector, which has been struggling recently.