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The price of bitcoin skyrocketed Saturday, surpbading psychological resistance at $ 4,000 and briefly exceeding $ 4,100.
Turnover had begun to decline, which led some badysts to wonder if the market would consolidate before rising again.
However, the total volume of transactions in the cryptocurrency market soared to $ 27 billion on Saturday, allowing the bitcoin price to rise to $ 4,137 on Bitstamp before dropping back to $ 4,090. Other major badets posted comparable gains, allowing the market capitalization of cryptocurrencies to exceed $ 139 billion.
Assuming that the bitcoin could hold more than $ 4,000, the next major step would be to reach $ 5,000, where the coin would face both psychological and technical resistance. According to eToro's Mati Greenspan, a sharp rise above $ 5,000 could indicate that the 14-month bear crypto market has ended.
Click here for a real-time bitcoin price chart.
Featured image of Shutterstock. TradingView Price Charts.
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