Bitcoin (BTC) Starts A Bull Run Above The Resistance At $4,000 With New Target At $4,600

Within the last seven days, the total cryptocurrency market capitalization has increased by more than 8 billion. Bitcoin price news is all over the place as traders hope that this bull run will last long enough to put an end to the cryptocurrency winter once and for all. Yesterday, the Bitcoin price forecast was that the price of BTC would cross the $4,000 level and surge higher against the USD. It closed at $3,960 in yesterday’s Bitcoin price analysis. Today, BTC reached the all-important $4,000 level and continued to surge higher against the USD.

Bitcoin Price Analysis: How Much Is One Bitcoin Today?

At the time of writing, BTC was trading at $4,065.95. This means that it is up by 3.22% against the USD. The trading volume over a 24 hour period is $10,446,629,153 and the market capitalization is $71,526,458,224. However, keep in mind that other small market capital coins are rising at a faster pace than Bitcoins. Within the top five cryptocurrencies, LTC is up by more than 7%, ETH is up by over 6% and EOS is up by over 4%. The only coin that is not outperforming Bitcoin is XRP. The price of XRP is only up by over 2%.

Bitcoin (BTC) Price Today – BTC / USD

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The fact that the price of BTC is higher against the USD but other coins are outperforming it shows there isn’t much new money is entering the market. The trading volume is mainly from the movement of existing money. A cryptocurrency analyst, DonAlt during an interview with CCN, said that the sudden renewal of interest in Bitcoins and other cryptocurrencies is what is responsible for the price hike. The price of Ethereum (ETH) was the first to surge against the USD.

The analyst said that even if the price of Bitcoin is currently surging, the cryptocurrency winter will not end until the price moves above the $4,600 level. Only then will BTC move above the $5,000 and revisit the $6,000 level which it last tested in November. He said that he isn’t particularly concerned about the trading volume of BTC which is currently very high. Since November, the relationship between the price and trading volume of BTC has been weakening. This is why the analyst insists that the only price surge that will mark the end of the winter will be a rise above $4,600. In his words

“Volume isn’t what will convince me that the bear market is over, a bullish market structure along with a break of at least $4.6k (Favorably $6k) is. It’s interesting that we’ve had so many altcoin pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in.”

He continued:

“There definitely is a newfound optimism in the market ever since ETH managed to double from $80 to $160. That move raised confidence in the market for both traders and investors alike and that confidence is now seeping into the altcoin market. That optimism drives volume which we’ve seen an increase in recent weeks.”

The bottom line is that the cryptocurrency market is recovering. People are accumulating BTC. Small market cap coins are improving and the 15-month long cryptocurrency winter is gradually coming to an end. If you’ve been waiting for the best Bitcoin news of the year, you’ve probably got it.

Do you think the cryptocurrency market will be able to maintain its upward momentum against the USD? Comment below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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