After suffering a major bear attack for several days, Bitcoin has finally recovered more than 8% in the last 24 hours with the price rising up to $4150.
The major support for Bitcoin is now at $4000 with a most needed recovery in the last 24 hours.
Following Bitcoin, other prominent cryptocurrencies such as XRP and ETH also started to gain momentum with a rise of over 6% and 8%. Ethereum is trading around $115 breaking yesterday’s resistance of $110. The price was expected to fall down to around $60 if the major support at $100 was broken but the bears could not break this robust support. The market capitalization which was also on a downfall from many days has also gained around 20% in the last 24 hours.
Bitcoin ready for a bull run
The price of bitcoin has gained momentum adding a huge market capitalization today which also brought up the market cap of the total cryptocurrencies form $12 billion to around $18 billion.
Currently, Bitcoin is trading at 4062 according to CoinGecko (at the time of publication). Analysts are now predicting a reversal in the price of bitcoin which could turn the price to over $5000 in short term. The demand for bitcoin is now increasing as the price is at a yearly low. Although there is huge resistance around $4150 to $4200 which if broken can cause the price to surge massively above $5000 range.
This article is only the viewpoints of the author and the author is not a financial advisor. You should do your own due diligence before taking any position in Bitcoin or any Cryptocurrency market.
