Bitcoin off to positive start in May after big April gain

Bitcoin off to positive start in May after big April gain

The No. 1 digital currency, Bitcoin (BTC), has seen some positive price action on Wednesday, after closing April with a big monthly gain.

The digital coin enjoyed a strong rally on Tuesday afternoon, which allowed it to notch up its first close above $5,300 in six days. Having started the session at $5,247.73, the coin rose to a four-day high of $5,363.26 in the afternoon, before eventually closing the session at $5,350.73.

Yesterday’s close meant that BTC had gained just over 30% in the month of April, according to data from digital currency tracker Coinmarketcap. Most of those gains came in the early days of the month, when Bitcoin spearheaded a wider crypto rally that allowed the original cryptocurrency to retake the psychological level of $5,000.

Industry website Coindesk noted in a technical analysis that the monthly gain, which is 28% according to the online publication’s own data, is Bitcoin’s biggest since April 2018. The website highlighted the fact that the Bitcoin price had closed the month at above the 21-month exponential moving average (EMA), which seems to confirm a longer-term bearish-to-bullish trend change. A move towards the $6,000 level might be on the cards for the digital currency, Coindesk suggests.

Another positive development is that the April advance completes a three-month streak of monthly gains for the virtual currency. The last time Bitcoin posted such a streak was in the final quarter of 2017, when its record-setting rally was at its peak. The current streak started this February, when BTC managed to snap a six-month losing streak.

In today’s trading, the Bitcoin price stood at $5,370.30, as of 16:22 BST. The digital coin has gained 0.6% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at nearly $95 billion, making up 54.3% of the combined value of all digital currencies.

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