In a fruitful weekend, the cryptocurrency market closed at $140 billion. Bitcoin not only came out of the bear range, but it also rocketed past the medium-term resistance at $4,000. As discussed earlier in the Bitcoin price analysis, it is said that the cryptocurrency would surge forward and is likely to reclaim position above $4,200 for the first time in 2019.
On the contrary to popular reports, experts believe that Bitcoin has hit rock bottom and is waiting to get support for it to stage a bull rally. However, a few industry players believe that the bear trend is still running on but coming to an end soon.
The entire cryptocurrency market performed relatively well over the last weekend where the market cap value increased significantly from $129 billion to $ 138 billion. It needs to be pointed out that there has been a correction of assets, losing at least $1 billion as per the data provided by the CoinMarketCap. Meanwhile, Altcoins continue to fight for their position in the market, but Bitcoin dominance is still more than half of the market value, 5106%.
As mentioned above, Bitcoin is holding ground above $4,000 after it broke the psychological levels. However, another breakout still lingers according to the technical indicators like the Stochastic. The 21-day hourly Simple Moving Average (SMA) is above the longer term 50-day SMA to show that the bulls are in control. Meanwhile, short-term support has been formed at $4,020 in addition to the stronger support zones at $4,000 and $3,900.
It is to be noted that Ethereum has been a market leader since the new year started. It began by reclaiming the position as the largest Altcoin. Moreover, it overcame the resistance at $150 before surging at $160. However, a correction till $160 will pave the way for a move towards $170. Other support zones include $140 and $110 respectively.
Meanwhile, investors are positive about Bitcoin at its tenth anniversary, despite a worrying drop in the value in recent months.