Crypto Markets Trade Mixed Following Yesterdays Surge, Bitcoin Stays Above $4,000

Following yesterdays crypto market surge that sent multiple cryptocurrencies up 3% or more, most altcoins are now trading flat, with Bitcoin managing to stabilize above $4,000. Although the majority of altcoins are presently trading sideways, Ethereum, Bitcoin Cash, and other alts have dropped over 2%.

For now, one prominent analyst believes that Bitcoin is caught in a wide trading range, and that the importance of $4,000 as a psychological price level has been overblown.

Bitcoin Could be Caught in Wide Trading Range

Yesterday, Bitcoins price surgedfrom approximately $3,800 to highs of $4,100 in a matter of minutes, perpetuating the upwards momentum that Bitcoins price has seen over the past month.

Mati Greenspan, the senior market analyst at eToro, discussed this upwards move in a market update, noting that it is interesting that $4,000 was the price that Bitcoin broke above.

Yesterday afternoon the crypto markets were delightfully surprised by a sudden surge in bitcoin of roughly 6.5% in less than 30 minutes. Now, its not uncommon for this type of sudden spike to occur in the crypto markets but what was interesting is that the spike took us above $4,000 per coin, he said.

In mid-December of last year, Bitcoins price set fresh 2018 lows around $3,200, from which it has gradually climbed towards its current price levels. Despite the gradual climb being a positive development, Greenspan believes that the crypto is currently ranging between $3,000 and $5,000, with the latter price being an important level to break through in order for a long-term bottom to be validated.

Even though $4,000 is a nice round number it doesnt necessarily represent any sort of significant psychological level. If we zoom out, and as weve been discussing for a few weeks now, we can see that the overall range that were in is from $3,000 to $5,000 per coin So were now at the halfway mark in the middle of the broader range, he further explained.

At the time of writing, Bitcoin is showing relative stability above $4,000, and is currently trading up marginally at $4,040.

Altcoins Experience Mixed Trading Session

Although Bitcoin has not yet fallen below $4,000, the altcoin markets are experiencing a mixed trading session following yesterdays market surge, with many major altcoins trading down 2% or more.

At the time of writing, Ethereum is trading down nearly 3% at its current price of $153.5. Ethereums recent price action seems to have confirmed that $160 is a strong level of resistance for the cryptocurrency, which has unsuccessfully tried to break above this level on multiple occasions over the past week.

Bitcoin Cash has also dropped today and is currently trading down 2.5% at its current price of $162.4.

XRP, which jumped slightly yesterday, is currently trading up marginally at $0.368, and is still stuck behind Ethereums market cap by over $1 billion.


Featured image from Shutterstock.

The post Crypto Markets Trade Mixed Following Yesterdays Surge, Bitcoin Stays Above $4,000 appeared first on NewsBTC.

07.01.2019 / 15:10 37
Bitcoin Breaks Above $4,000 Amidst Widespread Crypto Surge Bitcoin Breaks Above $4,000 Amidst
The cryptocurrency markets have been able to maintain their upwards momentum and Bitcoin has now broken above its resistance level that was
Prominent Analyst Claims Bitcoin Could be Very Close to Long-Term Bottom Prominent Analyst Claims Bitcoin Could
Following yesterdays market surge most cryptocurrencies have continued to rise, and Bitcoin has now surged above $4,000. Whether or not the markets
Crypto Markets Recover Slightly After Yesterdays Drop, Equities Market Trades Flat Crypto Markets Recover Slightly After
Following yesterdays drop in the crypto markets, most cryptocurrencies have recovered some of their losses and are trading up over a 24-hour trading
Bitcoin Surges Above $3,800 As Market Rally Continues Bitcoin Surges Above $3,800 As Market
Following yesterdays market surge, Bitcoin has continued to climb and is now looking to target $4,000 as its next point of resistance. Bitcoins
Altcoins Surge as Bitcoin Finds Stability, Market Led by XRP, XLM, BCH Altcoins Surge as Bitcoin Finds
Following a long period of unprecedented sideways trading, Bitcoin has solidified its position in the middle of its long-established range, and
Analyst: Bitcoins Price Must Break 200-Day Moving Average for Rally to Continue Analyst: Bitcoins Price Must Break
Bitcoins price rally has stalled, coming off a major push upwards from the temporary dip that occurred late last week. Bitcoins current price,
Comments (0)
Add a comment
Comment on