The price of bitcoin rose above the key resistance of $ 3,800 against the US dollar. BTC may move to a medium-term uptrend if it succeeds in closing at $ 4,000 or more.
Since the beginning of February Bitcoin has constantly been subject to fluctuations. On many exchanges its value dropped to 3.4 thousand dollars but after that it rapidly leveled up, increasing from 150 to 200 dollars. Since the beginning of this week, there has been a significant increase in price which attracted the attention of traders.
A pair of BTC / USD recently gained bullish momentum and overcame resistance levels of $ 3,650 and $ 3,720.The main driving force was Ethereum , which recently rose to the resistance level of $ 150. This helped BTC rise to the $ 4,000 resistance zone. The maximum was formed at the level of $ 3,955 and then the price began a downward correction.
Bitcoin fell below the support level of $ 3,900 and the Fibonacci retracement level of 23.6% of the last wave from a minimum of $ 3,553 to a maximum of $ 3,732. Sellers pushed the price to the level of $ 3,840 (minimum of the previous fluctuation), where buyers appeared.
On the other hand, there is strong support around $ 3,800. More importantly there is a bullish connecting line formed (on the hourly chart of the BTC / USD pair) with support at $ 3,800. If the support level of $ 3,800 fails, the price can test the level of $ 3,720.
Bitcoin price is in trend above $ 3,800. However, the initial resistance is at $ 3,950 and $ 4,000 the main resistance is at $ 4,200 where sellers may appear. On a positive note, with a successful daily close above $ 4,000 and $ 4,200 the price is likely to begin a medium-term uptrend.
Bitcoin’s market capitalization is now at 67 billion dollars. The cryptocurrency market to is growing gradually. Its capitalization as on February 19 was about $ 130 billion. During the day the volume of trading with Bitcoin increased to 8 billion which broke the peak in December.