The price of Bitcoin is trending in many posts on our DC Forecasts Bitcoin news site – mostly for its constant ups and downs. Over the past hours, however, the Bitcoin price managed to rise and recover by 8%, breaking through the $4,000 price margin.
Even though exchanges like Coinbase and Bitstamp still list the price of Bitcoin under the $4,000 threshold, the current price according to CoinMarketCap is around $4,100.
The corrective rally of Bitcoin also led other cryptocurrencies to recover. Ripple (XRP) and Ethereum (ETH) have been some of them, rising from 6% to 9% and rebounding quickly. The market also added new $11 billion to its valuation and tokens such as VeChain (VET), 0x (ZRX) and Ziliqa (ZIL) have all recorded major gains from 15% to 20%.
According to the popular cryptocurrency technical analyst with a handle ‘Don Alt’ the price of BTC is in a prime position to engage in a short-term positive movement. He said:
“Constant bouncing on a strong demand zone. If it fails I expect a very violent move down. If it holds we’ll most likely stair step up. I’m scalping the small TF’s based on this. Should breakout soon otherwise the bulls are in trouble.”
Right now, Bitcoin faces a major resistance level in the range of $4,100 to $4,200 and a break out of that mark could signal a full trend reversal for the most dominant cryptocurrency.
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