Bitcoin Price Surges Above $4,000, Marking The First Rally Since The Market Plunge Started

Bitcoin Price Surges Above $4,000 Marking The First Rally Since The Market Plunge Started

It’s been a rough year for crypto and any good rally is welcomed. Big business, government-level attention, and mainstream finance all showed their interest despite remaining wary of Bitcoin’s ability to succeed long term.

Having spent days striving under the $4,000 mark, the primary crypto definitely caught a break on Wednesday, as its price rallied to a four-day high. The digital coin spent most of the session moving on an upward trajectory, which allowed it to make a decisive break above $4,000. The coin rose by as much as 14.7% to hit an intraday high of $4,385.90 in late trading. BTC’s rally came to a halt in the final hours of the session and the coin pulled back to a close of $4,257.42. Still, this was significantly higher than Bitcoin’s opening level of $3,822.47 and it was the coin’s highest close since November 23.

A market analyst at FX Pro Insights, Alexander Kuptsikevich, demonstrating that how Bitcoin responds to the $3,500 valuation.

He said:

“It is worth paying attention to the market behavior near $3,500. This is an area that saw drastic increase back in September 2017, so technical analysis urges us to track the price dynamics near these levels.”

Brian Kelly, chief executive officer of BKCM, thinks that the rally may have been partly driven by the drama around Bitcoin Cash’s November 15 split finally coming to an end.

“You’re seeing the bitcoin cash saga play itself out,” Kelly told CNBC. “People were funding a lot of that by selling bitcoin, so one element of sellers have left the market.”

Many Altcoins did not perform do as well as bitcoin which gained almost 13% in the recent bullish run. XRP is up 10.6% up significantly from their $0.32 low. ETH did a much needed 12% rally after a disastrous few weeks. LTC was wane of the best performing top crypto assets with gains over 16%.

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