Bitcoin grinds higher, but BTC is facing a critical hurdle as it approaches the key resistance level

by



[ad_1]

Bitcoin was able to climb a little higher after finding relative support levels in the low-cost region of $ 3,900. Although its ability to maintain stability is certainly positive, BTC is getting closer and closer to the very high level of $ 4,000, which could mean that significant volatility is occurring.

Analysts are now expressing a slightly upbeat sentiment regarding cryptocurrency, as it is showing optimistic signs, but is soon facing a major hurdle at the $ 4,000 level.

Stable Bitcoin above $ 3,900, risk of increased volatility

At the time of writing these lines, Bitcoin is trading up about 1% at its current price of $ 3,960. BTC has slowly increased in recent days and regained the stability it had recently lost after climbing to $ 4,000 before falling back quickly to $ 3,900 yesterday.

Mati Greenspan, Senior Market Analyst at eToro, recently told MarketWatch about Bitcoin's current state of affairs, explaining that the cryptocurrency trading volume was higher than usual, but down from the highs Recent.

"Bitcoin is still pretty flat, always trying to break the interim resistance at $ 4,000. The cryptographic rally may have lost momentum as trading volumes on the stock markets seem to be declining from their recent peaks but remain high at just under $ 30 billion a day, "he said. .

Chonis Trading, a popular cryptocurrency analyst on Twitter, recently pointed out that Bitcoin was able to close over the middle of two tighter Bollinger bands, but had refrained from making predictions.

"$ BTC – another daily candle closed above the middle of a BB tightening … bitcoin dominance of 51% and more than $ 10 billion in daily volume, which is above average."

Analyst: Chance of control increases with Bulls after recent sell-out failure

Given that Bitcoin experienced a bullish momentum after experiencing the aforementioned volatility yesterday, one analyst believes that BTC bulls could change control of crypto in the near future.

Mr. Anderson, another popular cryptocurrency analyst on Twitter, explained why bulls might have a chance to push crypto higher in a recent tweet, stating:

"$ BTC H1 – The best buy signals are often sales failures. $ BTC followed the better impression of "Darth Maul" with a bullish action … H1 gave a "pulse signal to the price before the Corporal". Stoch is currently in the moving zone … The supply will dictate the move, as always. But bulls have their chance. "

Traders and analysts are keeping a close watch on Bitcoin's reaction in regions over $ 3,900 and in the region below $ 4,000, as these price levels have proven to be areas of strong resistance in the past and will probably continue to be unless the bulls can get significant amount of buying pressure in the near future.

Selected image of Shutterstock.



[ad_2]

Source link