Exciting News! For 40 Days, Bitcoin is in a Price High – Would it Hit 5,000 USD?
This month, Bitcoin’s path reached another breakthrough when on Tuesday the famous Cryptocurrency reached the 4,000 USD line — for the first time in more than 30 days.
The Cryptocurrency exchange got in the US trading session on a downward trend, then quickly recovered and rose following its spike on February 8.
Immediately past 2:40 PM UTC, one or multiple considerable buy orders made Bitcoin price to spike until it touched the 4,000 USD mark, before it plummets and stayed at a value of 3,955 USD, according to Bitstamp.
This activity carried Bitcoin to a high lasting for more than a month, as the previous record when Bitcoin reached 4,000 USD was last January 10.
BTC rally pulls other crypto up
Along with Bitcoin, other popular Cryptocurrencies are showing great increase in value too, like EOS which performed best based on a single-day performance at 12.06 percent, Stellar at 10.76 percent. Generally, the Cryptocurrency market capitalization gained almost 6 Billion USD starting last Monday.
The performance of the Cryptocurrency market as we speak would certainly help the argument that the Crypto bear market has actually, finally came to an end.
Analysts, along with Mati Greenspan of eToro, stated that key Psychological and Technical Resistance at the 5,000 USD mark does mean an even more exact testament to the recovery of the digital currency market this time.
The whole of the virtual currency markets have been showing bullish price actions these past few days, with Bitcoin testing the resistance at nearly 4,000 USD for 5 days this week. Because it did so, it has broken through the 100-day moving average for the first time in the past 272 days.
(Jet Encila is a journalist, editor and freelance writer from the Philippines)
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