Bitcoin continues to rise and is currently attempting to break above the $4000 level on BitFinex. Over the past few days, we have seen Bitcoin bounce from $3780 and climb to where it is trading at $3997.
The market increased 15% over the last 30 days and it seems that the bulls are almost back in town.
Bitcoin now holds a $69.19 billion market cap value as the cryptocurrency makes its ways back to the $70 billion range.
Bitcoin Price Analysis
BTC/USD – 4HR CHART – SHORT TERM
What Has Happened Since Our Last Analysis?
Since our last Bitcoin analysis, we can see that the market has continued to creep up higher and is now attempting to break above resistance at the bearish .618 Fibonacci Retracement level (Drawn in red) priced at $4000. This bearish Fibonacci Retracement is measured from the high seen in November 2018 to the December 2018 low.
The market has not attempted to break above this level of resistance since falling from the 2019 high late in February 2019.
What Is The Current Short Term Trend?
The current short term trend remains neutral right now. For the short term trend to turn bullish we would need to see BTC/USD climb above $4000. If the market was to drop below $3800 we could consider the market as bearish.
Where Is The Market Likely To Head Next?
If the bulls can successfully crack above the resistance at the $4000 level we can expect immediate higher resistance above to be located at the $4055 level.
If the buyers continue to break higher above $4200, more resistance above is then expected at the bearish .786 and .886 FIbonacci Retracement levels (drawn in red) priced at $4215 and $4342. Further resistance above this is located at the $4450 level.
What if the sellers step back in?
Alternatively, if the sellers regroup and begin to push the market lower, immediate support below lies at the $3946 level. Support beneath this is then expected at the .5 Fibonacci Retracement level (drawn in green) priced at $3842 and $3800.