Strong Bullish Support Sees Bitcoin (BTC) Climb Back Above $4,000

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Bitcoin (BTC) Rallies As Market Crosses $120 Billion, Is The Rally On?
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The last couple of days have brought uncertainty into the market. After a weekend in which Bitcoin played “dead”, seeing no price action, the week began with Bitcoin dropping below $4,000. Now, certainly has come back to the market and the drop from the start of the week has been corrected.

In the last couple of hours, a fresh wave of green has swept the market and seen a majority of coins soar. Bitcoin is at the time of press soaring by more than 3% and exchanging for about $4,070. This price move has been a strong and positive response from the bulls given a bearish scenario could have easily seen Bitcoin drag back to $3,800.

The surge from around the market has seen the total market cap climb from around $137 billion, to that is at the time of press more than $142 billion. This sees the market recover the loss from the last two days. If the upswing momentum can persist, we should soon see the market test the $145 billion levels.

Now A Retest Of The $4,200 Resistance Position

Though the bulls have managed to get prices back above $4,000, the real test remains at the $4,200 position. Given the past week’s attempt could not even go past $4,100, $4,200 is proving to be a tall order for the bulls. Though today’s rebound revives short-term bullish sentiments, there is a need to extend this to a more long-term setup.

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Signals including a high bullish volume, weakened bearish setup in the short-term and Bitcoin’s continued drop in dominance show that right now could the best opportunity to rally above $4,200.

At the time of press, Bitcoin is enjoying a strong bullish volume of over $11 billion in the last 24 hours. In dominance, this has continued to drop in the last couple of hours and is at the time of press standing at 50.4%. For the last couple of days, investors have continued to move towards altcoins giving a sense of belief that there is a rally on the horizon.

In the next couple of hours and days, there could be more action to come and we could see a retest of some key resistance positions.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.