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The market data is provided by the HitBTC exchange.
Google searches for Bitcoin tripled as its price skyrocketed on Apr. 02. This shows that interest in cryptocurrencies is still high. If prices recover, a large number of traders sitting on the sidelines will jump onto the crypto bandwagon.
Though the rebound is a bullish sign, for it to be sustainable, Bitcoin needs to gain a wider adoption in day to day transactions. Andreas Antonopoulos, Bitcoin educator and entrepreneur, believes that the next generation of use cases will highlight the need of Bitcoin to the average customer. Bitcoin is currently limited only to the tech-savvy users due to the difficulty in transaction and storage. But with advances, it is likely to reach the masses that will increase its popularity.
In a report, software startup DataLight said that if Bitcoin continues to grow exponentially, the way it has in the past decade, then it will surpass the current leaders Visa, Master Card, and pay pal. While fundamentals determine the price in the long-term, short-term price is influenced by sentiment. Let’s analyze it with the help of charts.
We had been projecting a target objective of $5,273.91 on Bitcoin (BTC) for the past few days and on Apr. 02, it hit an intraday high of $5,273.35. However, the higher levels saw profit booking that dragged the price back towards the support of $4,914.11. On the downside, $4,775 provided support, which is a positive sign. This shows that the bulls are in no great urgency to book profits.
The BTC/USD pair is again attempting to resume the up move. If it scales above $5,273.35, a quick rally to $5,674 and above it to $5,900 is possible. Therefore, we had recommended to book only partial profits in our previous…