Bitcoin Crosses $4,000 Threshold as Crypto Asset Prices See a Sea of Green Once Again
Over the course of the past 48-72 hours, the crypto sector as a whole has been experiencing positive upward momentum that has pushed the price of Bitcoin above its previous resistance level of $3,900.
As a result of this, many experts now believe that the coming few days could see all of today’s top-10 altcoins continue their strong performance and rise up even further.
However, with that being said, it is also worth pointing out that Bitcoin is now starting to exhibit signs of increased buying pressure— which may once again adversely affect its price in the coming few weeks.
To Continue Its Strong Performance, Bitcoin Must Stay Above $4,000
As pointed out earlier, BTC’s recent push above the $4,000 mark is being viewed as a highly positive development for the digital currency. However, according to many analysts, in order for Bitcoin to maintain its current levels of bullish support, the premier altcoin needs to stay above its current price point for at least 24-48 hours.
In this regard, DonAlt, a popular crypto analyst, took to twitter earlier today to point out that if BTC stayed above the $4k mark for the rest of the day, he would ”begin closing his long positions and start looking at buying opportunities”.
He then went on to add:
“BTC update: Finally an impulse. If today closes above resistance (4000) I’ll be looking for buy opportunities/close my hedge short. If it closes below resistance I’ll be looking for shorts. Dangerous to trade in any direction with the Finex [sic] maintenance coming up tomorrow,”
Finally an impulse.
If today closes above resistance (4000) I'll be looking for buy opportunities/close my hedge short.
If it closes below resistance I'll be looking for shorts.
Dangerous to trade in any direction with the Finex maintenance coming up tomorrow. pic.twitter.com/DBWj9wycvB
— DonAlt (@CryptoDonAlt) January 6, 2019
DonAlt’s sentiments were echoed by Mati Greenspan, a market analyst at eToro, who too went on record to state that Bitcoin was on the verge of moving even further and that the currency’s real test would now come in the form of its next resistance threshold that is pegged to be around $5,000.
“Nice jump! Good to see Bitcoin above 4k again. The big test is 5k though,”
Good to see Bitcoin above 4k again. The big test is 5k though. pic.twitter.com/nuVEAzBEM7
— Mati Greenspan [not trading advice] (@MatiGreenspan) January 6, 2019
Ethereum Has Still Not Been Able to Experience A Massive Breakout
While most of the digital currencies in the top-10 have been witnessing decent gains over the past few days, Ethereum still seems to be stuck just below the $160 mark— which is becoming an increasingly strong resistance level for the premier altcoin.
As many of our regular readers may remember, Ethereum’s price has been on the ascend for the past month or so. This could partially be due to rising investor expectations in relation to the altcoins’ upcoming Constantinople fork event (which is scheduled to take place within the coming fortnight on the 16th).
With that being said, ETH is now nearly 90% up from its December trade value— a time when the currency was being sold for a meagre $83.
In closing, it is also worth pointing out that XRP is currently trading at a price point of around $0.369, thereby exhibiting a 24-hour gain of more than 3%.
Similarly, Bitcoin too has experienced amazing bullish conditions over the past day or so, with the digital asset up by nearly 12% to touch a price point of around $39.3.