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.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.