Analysts are now expressing a somewhat cautiously bullish sentiment when it comes to the cryptocurrency, as it is showing some bullish signs, but must soon face an important hurdle at the $4,000 level.
Bitcoin Stable Above $3,900, May Soon See Increased Volatility
At the time of writing, Bitcoin is trading up roughly 1% at its current price of $3,960. BTC has been slowly creeping higher over the past several days and recovered the stability it recently lost after it climbed to $4,000 before swiftly dropping to $3,900 yesterday.
Mati Greenspan, the senior market analyst at eToro, recently spoke to MarketWatch about Bitcoin’s current state , explaining that the cryptocurrency’s trading volume is higher than usual, but is down from its recent highs.
“Bitcoin remains rather flat, still trying to break through the interim resistance at $4,000. The crypto rally may have lost some of its momentum, as volumes across exchanges do seem to be tapering off from their recent highs but remain elevated just under $30 billion per day,” he explained.
Chonis Trading, a popular cryptocurrency analyst on Twitter, recently pointed out that Bitcoin has been able to close above the middle of two tightening Bollinger Bands, but refrained from making any predictions.
“$BTC – another daily candle closed above the middle of a tightening BB… bitcoin dominance 51% and over $10Bill in daily volume which is higher than average.”
$BTC – another daily candle closed above the middle of a tightening BB…. #bitcoin dominance 51% and over $10Bill in daily volume which is higher than average