Bitcoin continues to look strong as it forms higher lows

BTC price not going below $7,200 before pushing up

The bulls are very much present in the crypto market but the leading cryptocurrency is still struggling around $8,000. After going to $6,200 level, on the weekend, Bitcoin surged above $8,000 yet again, going to just about $8,200 level.

At the time of writing, BTC/USD has been trading at $7,896 with 24-hours loss of 1.51 percent while maintaining the daily trading volume of over $24 billion, as per Coinmarketcap and $1.4 billion per Messari’s Real 10, 24-hours volume.

Crypto trader and investor, Josh Rager says the flagship cryptocurrency continues to look strong with higher lows forming with the current consolidation. He further says the bullish weekly close looks promising while the ongoing

“consolidation looks like it is priming Bitcoin for continuation to the upside.”

Don't be shaken out of your long term positions by $100 to $200 drops in $BTC price This past drop was bought up quite quickly pic.twitter.com/HoiIyBBH4Y — Josh Rager 📈 (@Josh_Rager) May 19, 2019

As for the Bitcoin price, talking about the weekly close Rager shares how the world’s top cryptocurrency closed at resistance but with massive volume which makes it hard not to be bullish.

In case, Bitcoin decides to move down, it has daily and weekly supports at below $7,200 to $7,300. And before BTC pushes up this level, Rager says,

“I don't see Bitcoin going below this area.”

The Bull Market is Real

The trading volume, Bitcoin network and institutions‘ ready to launch their products are not the only signs that we are witnessing as the very first phase of the bull market. BitMEX co-founder and CEO, Arthur Hayes have called out for the bull market as well.

Hayes shares how after a brief dip below $7,000, Bitcoin is back above $8,000 and June and September contracts are in contango. Contango also called forwardation is a situation where the future price of a commodity is higher than the anticipated spot price at the maturity of the futures contract.

The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah! pic.twitter.com/qknhDQ8i7p — Arthur Hayes (@CryptoHayes) May 19, 2019

What about Altcoins?

Currently, the majority of the altcoins are in the red with Dent losing the highest by 8.45 percent while a few such as Dash, Holo, Monero, and Verge are in the green. The total market cap currently stands at $245 billion.

When will we see altcoins pumping again as CNBC Crypto Trader’s host, Ran Neu Ner asks,

“The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a day…is it coming?”

According to Galaxy Digital’s Mike Novogratz, it won’t be happening this time.

“Not this time. Market getting smarter. BTC will outperform.”

Well, that’s to be seen as experts are expecting altcoins to surge once Bitcoin starts trading sideways.