{"id":370860,"date":"2019-02-08T17:30:13","date_gmt":"2019-02-08T17:30:13","guid":{"rendered":"https:\/\/wncen.com\/?p=370860"},"modified":"2024-06-11T07:44:19","modified_gmt":"2024-06-11T07:44:19","slug":"bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/","title":{"rendered":"Bitcoin Price Surges Nearly 10% to $3,700, BTC May Soon Climb to $4,000"},"content":{"rendered":"<p>Following the recent market downturn that sent Bitcoin down to its previously established support level at $3,400, BTC has bounced and has broken above its resistance level at $3,500, which could mean that further gains are in store in the near-future.<\/p>\n<p>Bitcoin\u2019s positive price action today has led many analysts to flip bullish on the cryptocurrency, but one prominent analyst is quick to point out that Bitcoin is still caught in a much wider trading range, which could mean that today\u2019s upwards move is simply noise in the long-term.<\/p>\n<h2><strong>Bitcoin Price Surges and Breaks Above Resistance Level $3,500<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2019\/02\/07\/crypto-bitcoin-monthly-macd-bottom\/\">Bitcoin<\/a> is trading up 8.5% at its current price of $3,700. Earlier this week, Bitcoin fell tested $3,500 but was rejected, and spiraled down to lows of $3,400. Today\u2019s surge has confirmed $3,400 as a strong level of support for the cryptocurrency.<\/p>\n<p>In a recent tweet from Galaxy, a popular cryptocurrency trader on Twitter, he explained that a break above $3,600 would confirm a breakout of a month-long falling wedge Bitcoin has been forming, which could lead to a quick surge up to $4,000.<\/p>\n<blockquote><p>\u201c$BTC currently breaking out this month-long falling wedge\u2026Looking for a $3600 breakout as confirmation and if so, we should start our run back to 4K and further,\u201d he explained.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> currently breaking out this month-long falling wedge. <\/p>\n<p>Looking for a $3600 breakout as confirmation and if so, we should start our run back to 4K and further. <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/QEgIoDh8yU\" rel=\"nofollow\">pic.twitter.com\/QEgIoDh8yU<\/a><\/p>\n<p>&mdash; Galaxy (@galaxyBTC) <a href=\"https:\/\/twitter.com\/galaxyBTC\/status\/14002692?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Because <a href=\"https:\/\/wncen.com\/2019\/02\/06\/bitcoin-price-watch-btc-could-make-a-sustained-move-lower\/\">Bitcoin<\/a> has now broken above $3,600, it does not appear that there is anything stopping it from surging to $4,000.<\/p>\n<p>DonAlt, another popular cryptocurrency trader on Twitter, offered a slightly more cautious outlook, telling his followers to \u201ccalm down the euphoria for a second.\u201d Despite this, he further added that the speed at which Bitcoin is surging means that a climb to $4,000 is likely.<\/p>\n<blockquote><p>\u201c$BTC daily update: Okay, let&#8217;s calm down the euphoria for a second\u2026 We just hit the top of the trading range &#8211; time to take profits &amp; derisk on both ETH and BTC\u2026 That said the violence with which this happened makes me think 4k$ is coming,\u201d he said.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> daily update:<\/p>\n<p>Okay, let&#39;s calm down the euphoria for a second.<br \/>We just hit the top of the trading range &#8211; time to take profits &amp; derisk on both ETH and BTC.<br \/>That said the violence with which this happened makes me think 4k$ is coming. <a href=\"https:\/\/t.co\/sUbvPOPWTT\" rel=\"nofollow\">pic.twitter.com\/sUbvPOPWTT<\/a><\/p>\n<p>&mdash; DonAlt (@CryptoDonAlt) <a href=\"https:\/\/twitter.com\/CryptoDonAlt\/status\/92872706?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Analysts Still Cautious on Current Move, Claim BTC is Caught in Larger Trading Range<\/strong><\/h2>\n<p>Although today\u2019s price move is certainly positive for traders and investors who have endured seemingly constant losses, analysts are quick to point out that <a href=\"https:\/\/wncen.com\/2019\/02\/08\/bitcoin-hasnt-performed-well-in-2018-but-analysts-say-its-just-fine-to-hold-btc\/\">BTC<\/a> is still caught in a wide trading range.<\/p>\n<figure id=\"attachment_370610\" aria-describedby=\"caption-attachment-370610\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-370610 size-medium\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/shutterstock_769032937.jpg?resize=600%2C400\" alt=\"\" width=\"600\" height=\"400\"><figcaption id=\"caption-attachment-370610\" class=\"wp-caption-text\">Although Bitcoin is surging today, analysts claim that it is still caught in a wide trading range.<\/figcaption><\/figure>\n<p>Naeem Aslam, the chief market analyst at Think Markets UK spoke about this range while speaking to <a href=\"https:\/\/www.marketwatch.com\/story\/a-break-below-3000-would-trigger-a-blood-bath-for-bitcoin-says-analyst-2019-02-08\" rel=\"nofollow\">MarketWatch<\/a>, noting that approximately $4,200 is the upper end of this range that must be decisively broken through in order for further gains to be in store.<\/p>\n<blockquote><p>\u201cFor the past few weeks, we have not seen any significant movement in the bitcoin price. We are stuck in a price range of $3183 (17 December low) to $4234 (Dec. 24 high), as long as we are not breaking out of this range, there is nothing new,\u201d\u00a0Aslam explained.<\/p><\/blockquote>\n<p>Furthermore, Aslam also noted that $3,000 is the critical support level that Bitcoin must hold above long-term, or else significantly greater losses would ensue.<\/p>\n<blockquote><p>\u201cOn the flip side, the support of $3000 is really important for us and no one wants to see the price breaking below this because that will trigger a blood bath on the street,\u201d he noted.<\/p><\/blockquote>\n<p>As Bitcoin enters the weekend, traders and investors alike will gain a greater understanding of whether or not this move has enough buying pressure behind it to signal a macro-trend reversal.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Following the recent market downturn that sent Bitcoin down to its previously established support level at $3,400, BTC has bounced and has broken above its resistance level at $3,500, which could mean that further gains are in store in the near-future. Bitcoin\u2019s positive price action today has led many analysts to flip bullish on the cryptocurrency, but one prominent analyst is quick to point out that Bitcoin is still caught in a much wider trading range, which could mean that today\u2019s upwards move is simply noise in the long-term. Bitcoin Price Surges and Breaks Above Resistance Level $3,500 At the time of writing, Bitcoin is trading up 8.5% at its current price of $3,700. Earlier this week, Bitcoin fell tested $3,500 but was rejected, and spiraled down to lows of $3,400. Today\u2019s surge has confirmed $3,400 as a strong level of support for the cryptocurrency. In a recent tweet from Galaxy, a popular cryptocurrency trader on Twitter, he explained that a break above $3,600 would confirm a breakout of a month-long falling wedge Bitcoin has been forming, which could lead to a quick surge up to $4,000. \u201c$BTC currently breaking out this month-long falling wedge\u2026Looking for a $3600 breakout as confirmation and if so, we should start our run back to 4K and further,\u201d he explained. $BTC currently breaking out this month-long falling wedge. Looking for a $3600 breakout as confirmation and if so, we should start our run back to 4K and further. #bitcoin pic.twitter.com\/QEgIoDh8yU &mdash; Galaxy (@galaxyBTC) February 8, 2019 Because Bitcoin has now broken above $3,600, it does not appear that there is anything stopping it from surging to $4,000. DonAlt, another popular cryptocurrency trader on Twitter, offered a slightly more cautious outlook, telling his followers to \u201ccalm down the euphoria for a second.\u201d Despite this, he further added that the speed at which Bitcoin is surging means that a climb to $4,000 is likely. \u201c$BTC daily update: Okay, let&#8217;s calm down the euphoria for a second\u2026 We just hit the top of the trading range &#8211; time to take profits &amp; derisk on both ETH and BTC\u2026 That said the violence with which this happened makes me think 4k$ is coming,\u201d he said. $BTC daily update: Okay, let&#39;s calm down the euphoria for a second.We just hit the top of the trading range &#8211; time to take profits &amp; derisk on both ETH and BTC.That said the violence with which this happened makes me think 4k$ is coming. pic.twitter.com\/sUbvPOPWTT &mdash; DonAlt (@CryptoDonAlt) February 8, 2019 Analysts Still Cautious on Current Move, Claim BTC is Caught in Larger Trading Range Although today\u2019s price move is certainly positive for traders and investors who have endured seemingly constant losses, analysts are quick to point out that BTC is still caught in a wide trading range. Naeem Aslam, the chief market analyst at Think Markets UK spoke about this range while speaking to MarketWatch, noting that approximately $4,200 is the upper end of this range that must be decisively broken through in order for further gains to be in store. \u201cFor the past few weeks, we have not seen any significant movement in the bitcoin price. We are stuck in a price range of $3183 (17 December low) to $4234 (Dec. 24 high), as long as we are not breaking out of this range, there is nothing new,\u201d\u00a0Aslam explained. Furthermore, Aslam also noted that $3,000 is the critical support level that Bitcoin must hold above long-term, or else significantly greater losses would ensue. \u201cOn the flip side, the support of $3000 is really important for us and no one wants to see the price breaking below this because that will trigger a blood bath on the street,\u201d he noted. As Bitcoin enters the weekend, traders and investors alike will gain a greater understanding of whether or not this move has enough buying pressure behind it to signal a macro-trend reversal. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":370418,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119],"class_list":["post-370860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Surges Nearly 10% to $3,700, BTC May Soon Climb to $4,000<\/title>\n<meta name=\"description\" content=\"Bitcoin Price surges nearly 10% after a long period of drifting downwards. 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Today&#039;s move may help lead BTC to surge above $4,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-08T17:30:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:44:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/bitcoin-shutterstock_704336857.jpg?fit=1000%2C643\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"643\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/\"},\"author\":{\"name\":\"Cole Petersen\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/6c4271c7295c2e60c3c46d945f26fd87\"},\"headline\":\"Bitcoin Price Surges Nearly 10% to $3,700, BTC May Soon Climb to $4,000\",\"datePublished\":\"2019-02-08T17:30:13+00:00\",\"dateModified\":\"2024-06-11T07:44:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/\"},\"wordCount\":592,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/bitcoin-shutterstock_704336857.jpg?fit=1000%2C643\",\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/\",\"name\":\"Bitcoin Price Surges Nearly 10% to $3,700, BTC May Soon Climb to $4,000\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-surges-nearly-10-to-3700-btc-may-soon-climb-to-4000\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/bitcoin-shutterstock_704336857.jpg?fit=1000%2C643\",\"datePublished\":\"2019-02-08T17:30:13+00:00\",\"dateModified\":\"2024-06-11T07:44:19+00:00\",\"description\":\"Bitcoin Price surges nearly 10% after a long period of drifting downwards. 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