Bitcoin and crypto markets have been flying in the past few weeks, but what appears to have been a single large order pulled the markets back down to the lower end of $7,200 just before the weekend started. Now, the markets have recovered slightly and Bitcoin looks set for a massive surge. Support levels are as low as $7,200 while resistance levels are starting to appear at the $8,100 mark – leaving a huge range for traders to negotiate.
Just Two More Key Levels Before Moon Time
It’s the word on everyone’s lips – moon. Everyone wants to know when Bitcoin will moon, taking the altcoin market with it. For those who simply cannot wait for #Lambo2020 to become a reality, it looks like a Bitcoin moon could be here sooner than we thought. If Bitcoin can smash through the $8,100 resistance level, it only has $8,500 to contend with. $8,500 will mark the 2.5x improvement from the start of this latest bullish phase, and if we cross this mark we will definitely know we’re out of crypto winter and into bull season. If Bitcoin can break the $8,500 level, it’s going to lead to a massive surge that will be very difficult to stop any time soon.
Alts Preparing to Rise Too
It’s very rare that when Bitcoin flies high that alts remain low, so if market indicators are correct, we could be in for a bumper altcoin market moon too. We’ve already seen XRP, XLM, BCH and ETH rise more than 14% in a couple of hours as Bitcoin heads upwards, so if the movement continues we could see these top alts gaining more than ever before. BCH could work out as the big winner, especially after its bi-annual hard fork went so well and added a range of popular features.
Not Set in Stone
For now, it’s anyone’s guess what will happen to the crypto markets as May rolls on and June begins. It’s all about how markets contend with the lower $8,000 levels. If traders carry on lapping up buy orders and it holds the $8,000 level for a while, we could see it become the much-needed platform for a huge upwards movement. On the other hand, if the lower $8,000 level cannot hold and it sinks further, we could see a significant pull back. If this is the case, it will provide ample opportunity for hodlers to top up their accounts and get as much Bitcoin as possible in preparation for the impending surge.