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Bitcoin continues its recent price rally, surpassing $ 4,000 on Thursday 20 December 2018. The first-class cryptocurrency has risen by more than eight percent in the last 24 hours on what is the sixth day of positive price movements.
Six in a row for Bitcoin
The rescue rally for Bitcoin is currently on the sixth day with the increase on Thursday second only to the gain on Monday. A large green candle lasting one hour sees the first-class cryptocurrency break through the $ 4000 threshold for the first time in over two weeks.
On Wednesday, Ethereum World News reported on BTC on top of $ 3,800 and the possibility of a "Santa's Rally". BTC is currently up more than 15% from the 2018 low of $ 3200. This figure is equal to the lowest price level of the cryptocurrency since September 2017.
The next question will undoubtedly be how long it can sustain BTC the momentum towards the high. Since 2018, the cryptocurrency market as a whole has been in the wars of a prolonged bear market. In mid-November 2018, the price fell further to levels not reached by the previous 12 months.
Trend Reversal or Short Squeeze
Some analysts such as Mati Greenspan, eToro Senior Market Analyst believe that the rescue rally is due to operators who liquidate short positions with the Christmas holidays approaching. With many indicators showing that BTC is the oversold position, it appears that a trend reversal was inevitable.
Now, BTC must overcome an initial resistance just above the price of $ 4000. Back in mid-November, when BTC fell below $ 5,000, it was just above the $ 4000 level. Of course there will be some resistance to this. price during any upward movement.
Beyond this level, the $ 4,200 and $ 4,400 psychological levels may also prove critical. If BTC can resist the rejection at these prices, then the first-class cryptocurrency could make a run for the upper band at $ 4,000.
The recovery of Altcoin continues
Altcoins are also not excluded in the trajectory of rising prices. Bitcoin Cash is once again leading the top-ten cryptocurrency charge. The virtual currency in fourth place has increased by almost 40 percent in the last 24 hours.
Ethereum which has recently regained its three-digit price status is seeking to add further gains in a search to recover some of the massive losses published in 2018. The third-ranked currency added about $ 5 more from Wednesday to $ 110.
Image courtesy of Shutterstock, Coinmarketcap.com and Coin360.
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