Bitcoin rises above $5,000 barrier

Bitcoin rose on Tuesday's spot trading, to resume its gains that were temporarily suspended yesterday, as the world's largest cryptocurrency continues to hold above the $5,000 psychological barrier, while prices are expected to continue climbing during this year.

As of 09:00 GMT, at Bitstamp, Bitcoin is trading around $5,077, rising by 1.0% or $50, from the opening of $5,027, with the highest at $5,086 and the lowest at $5,019.

Yesterday, Bitcoin lost 2.6%, after gaining 1.9% the previous day, as prices returned to test the $5,000 price level.

Whilst, the market value of cryptocurrencies rose more than $2 billion to $173 billion on Tuesday, with most of the major currency prices on the market climbing.

The price of the world's largest cryptocurrency, Bitcoin, rose again as prices continued to hold above the psychological barrier of $5,000, which are likely to record new highs this year, but the market needs further stimulus.

The research department of the Binance platform believes that the crypto market has already reached its bottom, after studying data from 2014 to 2019, and also found that the total institutional holdings in the market were about 7% of the total supply.

While in April 11, analysis of the world's largest digital platform indicated that Bitcoin was at its long-term downside near $3,000.

On the other hand, CME Market Data showed that institutional holdings in Bitcoin's futures declined last week.

As of 9 April, long positions held by institutional investors and asset managers fell by 11% and short positions by 30% compared to the previous week.

The total number of close position reached 4,177, and the number of open positions was 3,267. Total selling transactions rose between April 2 and 9, in a sign that bears have increased short sales at higher levels.