Bitcoin hits 6-month highs, potentially targeting levels above $6,000

Bitcoin inspires crypto market with a confident turn to growth. Over the last 24 hours, BTC price has jumped by 7% and traded around $5,800 at the time of writing, confidently breaking the $5,600 mark. Altcoins duplicate the dynamics of the benchmark cryptocurrency. TOP-10 tokens grew by 2% – 8%.

To assess the short-term prospects, it is worth noting that Bitcoin managed to rise above the local highs of April. From the technical analysis perspective, the first cryptocurrency may not meet substantial resistance on its way up to the area of $6,000. Support in the form of a 200-day average, was able to withstand, which probably marked the end of the corrective pullback and attracted new buyers who entered the market to buy “cheaper”.

Among the news, the market was excited by a large transaction of 40,000BTC in one of the largest wallets. The owner and reasons for the movement of funds have not been identified, but it is obvious that the market has begun to move, and large movements stimulate smaller market participants to follow the “whale”. At the moment, market participants are increasingly sympathetic to Bitcoin, which is good news for “BTC-Maximalists”.

The XRP price at the end of last month fell declined to 7-month lows, being obviously “below the market”. But recently Ripple announces new partnerships that will use the xCurrent system, where the XRP token is involved. It seems that the company seeks to influence investor sentiments. Some time ago, Ripple has entered into an agreement with Ria Money Transfer and Saudi British Bank (SABB), and in both cases will be used Ripple infrastructure based on XRP.

The leading provider of information on the crypto market — CoinMarketCap — also conducts work to improve investor sentiment. The company announced that by June of the current year, it will begin to remove exchanges that have not confirmed their trading volumes. Now, those wishing to get on the list will have to connect to the Data Accountability & Transparency Alliance (DATA), where they will be required to show trading data in real time. It seems that CMC is in a great hurry to prove the truthfulness of the rating before actions from the regulator.

The FxPro Analyst Team