• BTC/USD stays marginally $4,000.
  • Bitcoin may be volatile before the upside trend resumes.

Bitcoin (BTC) settled marginally above $4,000 handle for the first time since March 20. The first digital coin gained nearly 3% on Wednesday amid strong bullish momentum across the board. BTC/USD is changing hands at $4,006 at the time of writing. 

However, cryptocurrency experts warn investors a trend cannot change overnight, which means that we might still experience downturns before the bullish trend sets in. 

“We can’t go from [crypto] winter to summer in a few days, probably not even in a few weeks. Spring is generally a time of volatility where hot and cold often surprise us. Though bitcoin has yet to snap the bear market, I do believe that crypto winter is now over and we are entering spring,” Mati Greenspan, senior market analyst at eToro commented.

Looking technically, BTC/USD is moving within an upside channel clearly visible on the 4-hour chart. The next resistance is created by $4,030-50 area which includes Wednesday’s high. It is followed by an upper line of the above-said channel ($4,156) and February’s high at $4,186. 

On the downside, the local support comes at $3,975 (SMA50 4-hour). Once it is cleared, the downside may be extended towards $3,950 with the ultimate barrier at $3,900 created by a confluence of SMA200 (4-hour) and the channel support. 

BTC/USD, 4-hour chart


 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP