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Bitcoin Grinds Higher, but BTC Faces Critical Hurdle as it Approaches Key Resistance Level



Bitcoin has climbed slightly higher after finding relative levels of support in the low $ 3,900 region. While its ability to maintain stability is absolutely positive, BTC is coming closer and closer to the so-important $ 4000 level, which may mean significant volatility is on the way.

Analysts now express a somewhat cautious bullish relationship when it comes to cryptocurrency, as it shows some bullish signs, but must soon face an important obstacle at the $ 4000 level.

Bitcoin Stable Over $ 3,900, May Soon See Increased Volatility

At the time of writing, Bitcoin trades up about 1% to today's $ 3,960. The BTC has slowly crept higher over the past few days and restored the stability it recently lost after it climbed to $ 4,000, before quickly falling to $ 3,900 yesterday.

Mati Greenspan, senior market analyst at eToro, recently spoke to MarketWatch about Bitcoin's current state, explaining that the encryption currency's trading volume is higher than usual, but is down from the last heaps.

"Bitcoin stays pretty flat, and still tries to break through the temporary opposition of $ 4,000. The Crypto rally may have lost some of its speed, as volume across exchanges seems to be declining from its last highs, but remains elevated just under $ 30 billion a day, "he explained.

Chonis Trading, a popular cryptocurrency analyst on Twitter, recently pointed out that Bitcoin has been able to close over the middle of two tight Bollinger Bands, but refrained from making any predictions.

"$ BTC ̵

1; another daily light closed over the middle of a tightening BB … bitcoin dominance 51% and over $ 10Bill in daily volume higher than average."

Analyst: Bulls Have a Growi Ng chance of gaining control over the recently failed sales signal [19659004] Because Bitcoin has gained some bullish momentum after experiencing the aforementioned volatility yesterday, an analyst believes that BTC's bulls can change in gaining control of the crypt in the near future. [19659002] MR. Anderson, another popular cryptocurrency analyst on Twitter, discussed why the bulls might have a chance to push the crypt higher in a recent tweet, says:

"$ BTC H1 – The best buy signals often fail in sales signals. $ BTC followed the best "Darth Maul" print w / Bullish action … H1 gave a cpl "momentum before price" signals. Stoch is in the go zone for the time … Supply will dictate the movement as always. But, Bulls have their chance.

Traders and analysts look closely at how Bitcoin responds to the upper $ 3,900 region and region lower than $ 4,000, as these price levels have proven to be strong areas of resistance in the past, and are likely to remain, unless bulls can accumulate significant buying pressures in the near future.

  Featured image from Shutterstock. 




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