Bitcoin price analysis: BTC/USD bulls are back, $5,300 is within reach

BTC/USD is in the green once again following a day of retracement where it tested the support at $5,200. At press time, Bitcoin is dancing with $5,253 and trending higher 1.18% on Wednesday. Most of the assets seem to follow in the footsteps of Bitcoin to record considerably gains as well. Among the top ten cryptocurrencies, EOS is the market leader with gains above 5%.

Read more on EOS price analysis here.

Meanwhile, Bitcoin has been able to sustain an uptrend above the trendline since the surge on April 2. That is not to say that retracement moves have been missing, but the price been trading higher highs and higher lows. Bitcoin recently achieved highs around $5,343 but failed to sustain further correction to the upside. The correction from the highs initially found support at $4,800 before BTC/USD reversed the trend above $5,200.

The trading yesterday tested the short-term support at $5,200 before reversing the trend once again. The ongoing bullish momentum is likely to test $5,300 and eventually beat the resistance congestion at $5,343. In the event, the trend turns bearish, expect Bitcoin to be supported at $5,200. If this level is cleared, $5,000 will come in rescues of the bulls while $4,800 will give the buyers solace before they push for another correction.

BTC/USD 1-hour chart