Bitcoin (BTC) Corrects Over the $4k Level But Needs More Traction for A Sustainable Breakout

This year has been really bearish on Bitcoin (BTC) and other digital currencies in the market. It is one of the worst years the digital currency space has ever seen. Bitcoin (BTC) and other digital currencies started this year at a very good level, but as the year runs out, so do the values of these digital currencies. Almost all the digital currencies in the crypto market tested new yearly lows this year. One of the major losers this year is Ethereum (ETH). Ethereum (ETH) has lost a great percentage of its value this year. Ethereum (ETH) was the second largest digital currency in the world by market cap. The digital currency held that position for a very long time. However, due to the massive plunge in the market and free fall of crypto prices, Ethereum (ETH) lost its position to XRP (XRP). XRP (XRP) took over the position of Ethereum (ETH) some weeks ago, and Ethereum is yet to reclaim its position.

The Poster Boy of the Crypto Space Is Gradually Recovering

Bitcoin (BTC) – the largest digital currency in the world by market cap – has also suffered a great loss this year. Bitcoin tested its all-time on the 17th of December last year when it surged towards the $20k mark. The value of the digital currency has been declining gradually over the past months, however, it experienced a significant decline back in November. Prior to this period, Bitcoin (BTC) was able to maintain a great level of stability over a period of two months. The digital currency traded between the $6k and $7k level for two months before it saw a sharp decline in November. In November, Bitcoin (BTC) declined below the $6k, $5k, $4k, and settled below the $4k mark. Earlier this month, Bitcoin declined below the $3,500 mark and almost tested the $3k mark. This is the lowest level the digital currency has tested since September last year. Fortunately, the world’s most dominant digital currency is gradually getting on its feet. The digital currency is now showing signs of recovery. A lot of investors and enthusiast have long been waiting for the recovery of the crypto market. Bitcoin (BTC) recently surged over the $4k mark, after trading close to the $3k level for the past week. The $4k level has been a hurdle point for Bitcoin. However, the digital currency needs more traction to break over the next hurdle point which is at the $4,250 level. The BTC/USD trading pair is also up by six percent and it slightly over the psychologically crucial level of $4k. Lower trading volume and low volatility are a sign of weekend trading. But for the digital currency to see any significant breakout, its trading volumes need to increase, and this may not happen considering the fact that its weekend. If the digital currency is able to break over its next hurdle at the $4,250 and $4,500 mark, it might correct higher towards the next resistance at the $5,200 mark. Bitcoin (BTC) Price Today – BTC / USD
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Bitcoin (BTC) is currently changing hands at $4,190 after an increase of about three percent over the past twenty-four hours. The world’s largest digital currency currently has a market cap of $70.20 billion with a trading volume of $6.12 billion over the past twenty-four hours.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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