The Bitcoin news today show that the most dominant cryptocurrency is consolidating above the $3,840 support levels against the US dollar. Bitcoin is currently trading at $3,927 and is changing hands with the $4,000 mark, having its price set in a positive zone with a bullish angle towards the $4,000 resistance.
Right now, there is a symmetry formed with resistance at ,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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The pair will most likely break the $3,880 and $3,900 resistance levels to climb above or challenge $4,000.
After a strong upward move above the $3,850 level, the Bitcoin price managed to consolidate its gains against the US dollar. The BTC/USD pair tested the $3,900 resistance on a couple occasions and later corrected lower.
Looking at the current charts, the Bitcoin price is preparing for the next ride either above $3,900 or below $3,800 – with higher chances of a break above $3,900 and $3,930 considering the current structure. If the buyers remain in action, the price could even clear the $4,000 barrier in the coming sessions.
The total cryptocurrency market cap is now at $133 billion, in a slight increase compared to last week’s still levels. The good thing is that many cryptocurrencies have managed to get back on track and rise even more following the bearish momentum present in the end of February and start of March.
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