The crypto market continues to surge as a whole as the bull run that started at the beginning of April continues to build. The month of March was a taxation period in many parts of the world and with the crypto markets getting regulated, profits being taxable in many of the regulated countries caused some correction as uncertainty set in. One of the explanations for the crypto crash in March was that investors were looking to liquidate their assets in order to clear off the taxes. With that behind us now, traders have been able to focus on the cryptos and the increasing regulation in some countries helped to bring in larger investors into the market.
This has only helped to increase the confidence in the overall crypto industry and that’s why we have been seeing the demand perking up during April. As far as Bitcoin (BTC/USD) is concerned, prices climbed from the lows in the $6600 region and now is trading above the $9000 region with the prices having broken through the important resistance at the $9000 region. This is an indication that further gains are on the horizon, and, if the bulls are able to hold the break, then we should see prices moving through the $10,000 region in the short term while on the medium term, we should see prices moving through towards the $11,500 region. Technically, the current trend is bullish again.
Other cryptos have also been following Bitcoin prices higher with Ethereum (ETH) prices also surging towards the $700 region and beyond in the short term. Many other tokens have also been doing well in this bullish market with many of them like Wandx being able to pick themselves up from the floor and moving higher over the last few days.
The bull run is expected to continue in the crypto market as the fundamentals, like the network cost and speed and obviously, regulation, are all getting better by the day. Traders can wait for a correction back to the support region in any of the major cryptos and dive into longs for the next leg higher.
This article was written by FXEmpire