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Bitcoin price is gearing up for a big breakout

Bitcoin price continues to surge and is building a strong base for the next breakout to the upside. On Saturday, April 6, price of the most valuable digital currency rose by nearly 5%, breaking a significant resistance level of $5,200.

According to Bitcoin price index on Bitfinex cryptocurrency exchange, BTC peaked today at $5,275. However, at the time of writing, Bitcoin price is trading just a shy of $5,200, which is critical point. If Bitcoin will be able to cement its position above this level, the price of most popular digital currency should continue to climb up to the next resistance level – $5,900 – $6,000.

It’s worth noting that, this is the second time since BTC/USD has reached this critical “top” and the further growth will highly depend on how markets will react this time. If BTC price will fail to break this resitance, most likely it will baunce back to the previous support level of $4,800 or even further down the chart.

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We are not far away from finding out whether Bitcoin is trully gearing up for a big breakout towards $6,000 price mark. As of April 6, 18:00 UTC, 2hrs BTC/USD price chart shows that digital currency is consolidating just above $5,200 mark, which is a positive signal. Next few hours will be critical and might confirm the continuum of positive events seen throughout the week.

According to Cryptolization, Bitcoin market cap has hit a new record this week and at press time valued at $91,037,997,467.

Other cryptocurrency are also in green. Most notably, Bitcoin Cash, which is up by more than 9.8% and Litecoin 6.23%. As Dapp Life reported earlier this week Litecoin price surges as August’s block reward halving approaches.

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Professional and highly respected commodity trader among investor community, Peter Brandt, tweeted that “he would not be surpised if Bitcoin would enter a new parabolic phase”. If that’s to be the case, the history might repeat itself once again.

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