Markets Surge Higher, Bitcoin Climbs To $5,150

The crypto markets are still surging this Sunday and maintaining their upwards momentum that was first noticed when Bitcoin started skyrocketing from $4,000 and going near the $5,000 levels.

The news on our DC Forecasts Bitcoin news site today are that many cryptocurrencies have managed to go in the green even on a lazy Sunday, climbing by 3% or more and some of them surging over 10%.

Even though today’s momentum is bullish, climbing even more depends on Bitcoin (BTC) and whether the most dominant cryptocurrency is able to maintain stability above the 200-day median which turned into a support level recently.

Currently, Bitcoin is trading up by 3% at a price of $5,152 which is up from its 24-hour lows of just under $5,000. The movement was sparked when BTC briefly dropped below the $5,000 level which signaled that there is a decent amount of buying pressure at the current price level.

According to a popular Twitter crypto analyst named David Puell, Bitcoin has now established its 200-day median as a strong level of support which exists at roughly $4,000. As he tweeted:

“$BTC: Little something for ya… 1. A reminder of how beautiful the 200-day and 200-week moving averages are. 2. Bitcoin’s 200-day median, which just flipped to bullish and should serve as support in the next few months (currently at 4k).”

Bitcoin has shown that it has an ability to continue climbing – which led the crypto markets to surge and many individual cryptocurrencies increased their value by 3% or more.

As for what is fuelling the rise of the altcoins lately, analysts believe that the amount of outstanding long positions are probably playing a huge role. According to Alex Krueger who is a popular economist focusing on cryptocurrencies:

“$ETH not moving higher at the moment as strongly as other coins such as $LTC or $BCH has little to do with fundamentals. This is why (less fuel available).”

Krueger also referenced a chart that shows the open long positions for Ethereum and Litecoin.