Bitcoin resumes gains near a week high

Bitcoin rose slightly in Monday's spot trading to resume gains that were temporarily halted yesterday, to go back near the highest level in a week, as the largest cryptocurrency still dominating the market, as well as price consolidation above $5,000.

As of 09:00 GMT, Bitcoin is trading around $5,300, up by $15, or 0.3%. from the opening price of $5,285, with the highest at $5,305 and the lowest at $5,249.

On Sunday, Bitcoin lost 0.45%, its first loss in the last six days, on correction and profit taking, after posting the highest level in a week at $5,362 per unit.

The world's largest cryptocurrency, Bitcoin, gained 2.6% during the last week, resuming its weekly gains, which were temporarily halted the week before that by correction from a five-month high of $5,466 per unit.

The total market value of cryptocurrencies on Monday rose by about $1.5 billion to a total of $178.5 billion, with most of the major currencies prices on the market climbing.

The dominance Bitcoin on the digital trading has increased from less than 50% in early April to 52.5% at present, as investors continue to focus on the largest digital currency in the world, also indicating that the recovery is on the right track.

Fundstrat's Co-founder and Wall Street analyst, Tom Lee, said on Friday that his company's Bitcoin index was never seen in a bearish market during April.

Tom said that in 2018 the index was no more than 50 days average, while recently reached 89, as the values ​​above the 67-day average never occurred in a bearish market.

"This means that the Bitcoin's bullish market may start in the coming period," Tom Lee said.

Lee also pointed out that the price of Bitcoin has recently surpassed the 200-day moving average, which means that the recovery of Bitcoin is occurring faster than expected, and this corresponds to what he said in mid-March when he said he believed the key figure to be closely monitored was the 200 days moving average.

Tom also said that there are many reasons as to why the trend in the crypto market has been reversed. For example, the old and rich Bitcoin's wallets have recently begun to add new centers, and the trading activity has begun to increase in line with the volumes of the encryption trading.