Bitcoin exchange rate reached a maximum in 4 weeks

Bitkin's rate reached its highest level in 4 weeks, but many altcoins outperform BTC in terms of growth.

At 07:30 UTC the world's largest crapouillot reached the level of $9021, the highest point since March 22.

Now the rate of bitcoin is $ 8951.81, which is 34% higher than the minimum on April 1 – $6450. The market capitalization of the cryptocurrency is also at a record high level for the month and is $ 152 billion.

However, the performance of some other cryptocurrencies from the top 25 looks even more impressive.

For example, EOS managed to climb to the fifth place in the ranking of the largest cryptocurrencies, having played 106% compared to the minimum on April 1. Such dynamics may suggest that bitcoin is the starting point for the growth of other cryptocurrencies – investors first buy bitcoin, then buy altcoins that are traded in pairs with BTC. This is also confirmed by a decrease in the bitcoin dominance index, from 45.62 to 37.98%.

In any case, the world's largest cryptocurrency is now under the control of bulls, which has a positive impact on the rest of the Ryn.

Bitcoin chart per day

The long - term downtrend line was broken, which indicates a change of trend from bearish to bullish. Also bulls favor moving averages for 5 and 10 days, directed upwards. The resistance of the moving average for 200 days was formed at the level of $9737.

Opinion
Despite the pullback from $ 9060, the forecast remains bullish. Before to gain a foothold above $9000, BTC can benefit from the support trend line. In the short term, BTC is very likely to clash with the resistance around $ 9737. Only closing below the moving average in 10 days will refute the optimistic forecast.

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