Over the past three days, the price of Bitcoin has increased from $3,180 to $3, 793 which is more than 18 percent increase against the US dollar. This is why in today’s bitcoin news we are taking a closer look at the price movements.
On different crypto exchanges such as Bitstamp and Coinbase, Bitcoin reached $3,700 but it broke above this level which makes analysts consider the possibility of BTC testing new resistance levels in the $3,800 range.
Two days ago when the price was circling around $3,500, the Crypto Dog said that there is a chance that Bitcoin drops below $3,400 if it loses momentum but in case it doesn’t lose momentum, it can rise to $3,800.
‘’BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A break out and I’m eyeing $3,800.’’
The major cryptocurrency is now showing clear signs of breaking above $3,800 which wasn’t capable of testing since December started. BTC is likely experiencing the increase in price because of the severely oversold conditions on the market.
From November, the value of BTC was continuously falling against the US dollar experiencing a high sell-off pressure. When the oversold conditions swamped the market, many crypto assets began their corrective rally pushing the market into a surge stage.
The steep decline in the value of other cryptocurrencies such as Ethereum and Bitcoin Cash can be attributed due to lack of fundamentals. Ethereum could not show a higher level of user activity while BCH struggled to gain adoption.
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