Friday 28 saw the market make one of the most impressive turnarounds in recent times. After starting the day bearish, a wave of green quickly swept the market, seeing nearly all coins record gains. In recent months, the market has grown accustomed to ending the week with losses that would run through till the end of the weekend. Now, it seems the market is ready to break this trend, and it has chosen the last weekend of the year to do so.
The surprise flash hike also comes hours before the world crosses over to 2019, a year that many are optimistic about in terms of crypto prices soaring. This price surge plays right into their hands and acts as a launching pad for more gains to come.
Bitcoin BTC Price Analysis
Even though the last 24 hours have seen most major coins break key resistance levels, bitcoin is still struggling with one of its most crucial ones. Bitcoin began yesterday trading for little over $3,600 but following the surge quickly climbed above $3,900, making $300 in minutes. Following the surge, many were anticipating that it would cross the $4,000 mark in a couple of hours. This has however proven to be hard as it keeps encountering resistance in the $3950 position.
At the time of press, bitcoin is up by 7% and is going for $3,940 and relentless as they are, the bulls are still pushing to break past $3,950 and possibly hit the $4,000 mark.
Yesterday’s surge, which has extended to today, has seen bitcoin avoid a retest of the $3,500 position. The price hike now ensures that this position becomes its short-term support level.
For bitcoin investors, the year has been a roller coaster that has seen bitcoin being declared dead more than 300 times. Regardless, the coin looks determined to end the year strong and possibly hit the ground running in 2019.
Ethereum ETH Outstanding Performance- Up By 18%
During The initial market surge, Ethereum quickly rose by 10% making it one of the best performers of the day. Now, the coin has extended this lead with an 18% surge at the time of press. The coin is now well above the $135 position and still pushing hard to test the $140 mark. However, the coin is encountering major resistance at the $139 position, a position that the bulls will have to work just a little bit harder to get over.