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.”