{"id":368150,"date":"2019-01-14T22:00:13","date_gmt":"2019-01-14T22:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=368150"},"modified":"2024-06-11T07:43:12","modified_gmt":"2024-06-11T07:43:12","slug":"bitcoin-bounces-to-above-3700-leading-the-crypto-markets-to-surge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bounces-to-above-3700-leading-the-crypto-markets-to-surge\/","title":{"rendered":"Bitcoin Bounces to Above $3,700 Leading the Crypto Markets to Surge"},"content":{"rendered":"
Following the crypto market\u2019s recent downturn that sent many altcoins spiraling down 10% or more as Bitcoin fell to lows of approximately $3,550, the markets have regained some strength and bounced today, leading most altcoins to surge 5% or more.<\/p>\n
Today\u2019s upwards move after a volatile weekend seems to confirm that Bitcoin is in fact caught in a trading range between $3,550 and $4,200, as analysts previously expected.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up nearly 4% at its current price of $3,710.<\/p>\n On Saturday, Bitcoin plunged to lows of $3,550 from the mid-$3,600 region, which appeared to many traders as the continuance of a downwards momentum that Bitcoin has incurred after it failed to stabilize above $4,000 last week.<\/p>\n Today\u2019s price surge, however, confirmed that Bitcoin does have support at $3,550, which is the price at which Bitcoin surged earlier today.<\/p>\n Mati Greenspan, the senior market analyst at eToro, previously noted<\/a>\u00a0that he believes Bitcoin is presently caught in a trading range between $3,550 and $4,200, an assessment that was validated by today\u2019s move.<\/p>\n \u201cIt seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200\u2026 Movements within a range can sometimes be sudden like we saw yesterday, but unless there\u2019s a breakout of the key levels there really isn\u2019t much to write home about,\u201d Greenspan explained in a market update last week.<\/p>\n The Trading Room, a popular cryptocurrency analyst group on Twitter, spoke about<\/a>\u00a0the market\u2019s recent jump, noting that all key price levels held firm, which validated the crypto market\u2019s recent lows as strong support levels.<\/p>\n \u201cAll key levels held firm & we are getting a perfect bounce so far. Will look for long entries on confirmation of trend change,\u201d they said.<\/p><\/blockquote>\nAltcoins Surge as Crypto Markets Recover from Recent Drop<\/strong><\/h2>\n