The valuation of the crypto market rose by $1.5 billion overnight as the bitcoin price closed on $4,100 and a handful of tokens recorded gains in the range of 10 percent to 25 percent.
Based on the global average price of bitcoin as shown on Coinmarketcap, the bitcoin price has remained above the $4,000 resistance level for more than seven days.
Throughout the past several months, many traders expressed their concerns over the inability of bitcoin to break out of crucial resistance levels and if the dominant cryptocurrency can continue to move past $4,000, the sentiment around the market is expected to improve.
Earlier this week, reports suggested that some analysts still foresee the bitcoin price testing its previous low in the $3,122 to $3,500 range before initiating a proper accumulation phase in the upcoming months.
The cautious optimism towards the price trend of bitcoin comes from its performance since September 2018. Since mid last year, bitcoin has shown a pattern of experiencing several months of stability and becoming vulnerable to a large drop thereafter.
Bitcoin could avoid a large retrace to the $3,500 region if it can continue to climb up in the $4,000 and $5,000 range and a growing number of traders have begun to forecast a gradual climb to key resistance levels. Read more
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