Today, Bitcoin suddenly passed the $4,100 mark in a rally that started two hours ago. The flagship cryptocurrency touched the $4,100 mark for the first time in almost 2 months.
Bitcoin had been hovering in the low $3,900 for most of the week after touching $4,000 on Monday. With the trading volume going down, many analysts questioned if the Bitcoin bottom was actually in. A Bitcoin decline back to $3,500 was expected.
Luckily, today the Bitcoin price continued its rally, passing the psychological resistance at $4,000 and then shot above $4,100 before losing some steam again. Currently, Bitcoin is trading in the $4,000 zone.
With Bitcoin back above the $4,000 level, well-known cryptocurrency veterans are tweeting the news to share the bullish sentiment:
Bitcoin > $4,000
— Barry Silbert (@barrysilbert) February 23, 2019
With Bitcoin surging, other top cryptocurrency assets are showing major gains as well. For instance, Ethereum is up by 6.08% and EOS is up by 6.18%. Every digital asset in the top 50 is up between 1 – 10%.
Assuming bitcoin can hold above $4,000, the next important push would be towards $5,000. At this level, Bitcoin will face both psychological and technical resistance. Mati Greenspan, senior market analyst at the online trading platform eToro, told The Independent last week:
“These gains are clearly creating a wave of optimistic sentiment throughout the crypto community, with market volume up by $8 billion in the last 24 hours. The market volume is now above $36 billion and we haven’t seen these levels since April 2018. But, until Bitcoin breaks above the much-needed psychological level of $5,000, the bear market is still very much in play.”
The change in the price of Bitcoin last year, though tragic, was not the end of the development of cryptocurrency. After all, in 2019, the price will gradually grow, and will continue to grow further.