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The past 24 hours have revealed encouraging market movements for bitcoin with prices jumping up above $4200 earlier today. Having sustained this figure for the majority of today, many breathe a sigh of relief as the week saw prices dip well below the $4000 level hitting $3700 just yesterday. Currently prices are at the $4193.85 mark (at the time of writing), indicating a jump of over $450 from the previous low.

As seen on the graphs below, this week saw significant resistance as prices hovered around the $4000 level but recently with much bigger projects’ being announced, the markets have reacted appropriately. The crypto market as a whole also followed suit with the top 5 cryptocoins all showing a increase in market capitalization.

“Currently, we’ve begun to see continuing [sell-offs] when prices reach the $4,000 level,” he said. “Whether there [is or was] support there, in the immediate future, we’re waiting for prices to really give us that green light north of $4,000, as of now, they have not.”
Ryan Rabaglia, Head Trader for Octagon Strategy

to conclude, bitcoin prices have recently exploded jumping well over 6% in the space of 24 hours. The market cap has risen well over $69 Billion as analysts predict the $4000 level has been thoroughly consolidated on a number of exchanges, lowering the risk of slipping below safety levels. Many have given the cryptocoin a weak buy signal advising small but steady purchases of the coin as while the current market movement indicates a similar future trend allowing prices to head to a new all time high, a reconsolidation of the $4000 mark may occur as trading volume remain low.

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