Newsflash: Bitcoin Price Rips Past $4,100, Crypto Market Cap Hits $139 Billion
The bitcoin price surged above $4,100 on crypto exchange Bitstamp, bringing the cryptocurrency one step closer to exiting its 14-month bear market. | Source: Shutterstock
The bitcoin price broke higher on Saturday, ripping past the psychological resistance at $4,000 and briefly stretching above $4,100.
The flagship cryptocurrency had been hovering in the low $3,900s for most of the week after touching $4,000 on Feb. 18. Trading volume had begun to decline, leading some analysts to question whether the market was going to consolidate before making another push higher.
The bitcoin price made another run past $4,000 on Saturday.
However, overall cryptocurrency market trading volume spiked back toward $27 billion on Saturday, enabling the bitcoin price to launch as high as $4,137 on Bitstamp before settling back down to a present value of $4,090. Other top assets saw comparable gains, enabling the cryptocurrency market cap to climb above $139 billion.
Assuming bitcoin can hold above $4,000, the next important push would be toward $5,000, where the coin would face both psychological and technical resistance. According to eToro’s Mati Greenspan, a strong jump above $5,000 could signal that the 14-month crypto bear market has come to a close.
Click here for a real-time bitcoin price chart.
Featured Image from Shutterstock. Price Charts from TradingView.
About The Author
Josiah is the US editor at CCN. In a past life, he taught Herodotus and Boethius to high school students. He holds long-term investment positions in bitcoin and other large-cap cryptocurrencies. Follow him on Twitter or email him directly at josiah.wilmoth(at)ccn.com.