After slipping below the psychological support level of $7,000 three times in the last week, Bitcoin is suddenly on the rise.

The price of BTC shot above $7,500 on Wednesday, lifting Ethereum, XRP, Litecoin, Bitcoin Cash and most of the altcoin market.

At time of publishing, the crypto market is a sea of green, with Bitcoin up 5.88% at $7,538, according to COIN360.

Ethereum is up 4.97% at $153.60, XRP is up 3.51% at $0.2262, Bitcoin Cash is up 5.50% at $221.89 and Litecoin is up 1.60% at $48.20.

Source: COIN360

Analyst and founder of Venture Coinist, Luke Martin, says Bitcoin needs to close above $7,400 to hold onto its newfound momentum.

“Waited a few weeks for BTC to show a sign of strength before wanting to take the next trade.

Often time during a downtrend – waiting for price to go up again will let you buy lower than trying to time a bottom. If daily candles can close above $7,400 this looks great.”

Fellow trader Cantering Clark says despite the big move, it’s far too early to flip bullish on BTC.

“Did I miss something? We are retesting the underbelly of what has been a pretty important piece of structure and everyone is already bullish? Let us at least paint a range and some type of floor…

I am willing to incur the opportunity cost of missing any potential bottom, right now there is a preponderance of evidence that the trend is not up. Missing the first 500$ is just the cost of doing business.”

Although it has pulled far back from its yearly high of $13,796, Bitcoin is up 101% in 2019, after starting the year at $3,739.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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