After a several day period with little volatility in the cryptocurrency markets, Bitcoin has now surged above $3,700, which proved to be a level of resistance over the past week. Todayâ€™s price surge, despite being relatively small, could be significant in leading Bitcoinâ€™s price back towards $4,100.
One analyst also believes that Bitcoinâ€™s latest price move could prove to be positive for the altcoin markets.
Bitcoin Surges Towards $3,800
At the time of writing, Bitcoin is trading up 2.6% at its current price of $3,750. Since last Monday, Bitcoin has been stuck below the $3,700 region, which quickly became a level of relative resistance for the cryptocurrency.
Yesterday, Luke Martin, a popular cryptocurrency analyst, noted that he thinksÂ that Bitcoin was stuck below a trading range between approximately $3,700 and $4,100, which would mean a break above the former price could lead to surge towards the latter price in the low-$4,000 region.
He also noted that a break above $3,700 could prove positive for the altcoin markets.
â€œ$BTC battling to reclaim the range all week. If price can get back above 3700 I’m more excited about alt positive momentum continuing,â€� Martin said in a tweet.
Today, after Bitcoin broke above $3,700, Martin followed up on this tweet, noting that he still agrees with the conditions mentioned in the first tweet, and that he still believes the range extends upwards of $4,000.
â€œ$BTC breakout past 3630 level and the 3700 swing high resistance all week. Same thought as first chart and now the condition looks like it will met [sic]. Iâ€™ve loved mid-cap alt exposure this week for the first time in a while. Bitcoin moving higher means that window still there imo,â€� he said.
Analysts Have Conflicting Opinions on Current Trading Ranges
Although Martin believes Bitcoin is currently caught in a micro trading range between $3,700 and $4,100, other prominent analysts have offered somewhat different views.
Earlier this month, Mati Greenspan, the senior market analyst at eToro, said that he believesÂ Bitcoin is currently caught in a range between $3,550 and $4,200, which, if this range is valid, somewhat negates the importance of $3,700.
â€œIt seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200â€¦ unless thereâ€™s a breakout of the key levels there really isnâ€™t much to write home about,â€� he said.
How the markets fare over the weekend will likely set the tone for the following week.
Featured image from Shutterstock.
The post Bitcoin: After Breaking Above $3,700 It Could Soon Surge Towards $4,100, Says Analyst appeared first on NewsBTC.
Bitcoin: After Breaking Above ,700 It Could Soon Surge Towards ,100, Says Analyst