Bitcoin Price Analysis: BTC Surges to $3,802, Creating Fresh February Highs — Can the Bulls Maintain the Momentum?
- Support for BTC moving forward: $3,664, $3,590, $3,569, $3,508, $3,467, $3,421, $3,350.
- Resistance for BTC moving forward: $3,570, $3,802, $3,851, $3,882, $4,001, $4,055, $4,215.
Latest Bitcoin News
The Bitcoin market had seen a surprise price surge on February 8, 2019 when the coin had surged by a total of 11%, allowing price action to reach a peak of $3,802 before stalling.
After an extended period of downward price movements, it seemed that price action would continue its bearish trend and create fresh lows beneath the $3,421 handle. However, the market held at $3,421 and proceeded to rally significantly which brought the total market cap value for the cryptocurrency back above the $60 billion level.
From the Bitcoin market cap graph below, we can see that the market cap has now risen higher and is trading around the $64 billion level.
Last week, it was reported that SEC commissioner Robert J. Jackson believes that the approval of a Bitcoin ETF is inevitable. He stated that its not a question of if the Bitcoin ETF will be approved, but a question of when.
The SEC has a very strict procedure in allowing funds to be developed as investment instruments as it is their duty to protect American investors. So far, there have been a plethora of proposed ETFs that have been denied by the SEC as these requirements have not been met.
The SEC has cited concerns over liquidity, custody and market manipulation as reasons why the ETFs have been constantly rejected. However, the recent comments by the SEC commissioner has brought a new wave of optimism into the market as he believes that there will eventually be a proposal that will meet the established guidelines for approval.
Let us continue to take a look at the BTC market and highlight some potential areas of support and resistance moving forward.
Bitcoin Price Analysis
The recent price surge has now brought Bitcoin up by a total of 5.43% over the past 7 trading days as the cryptocurrency trades around a price of $3,695, at the time of writing.
However, the market still has a long way to recover after losing close to 10% over the past trading month and a further price decline of 43% over the past 90 trading days.
The current market cap of the market is now $63.98 billion after the 69-month old cryptocurrency godfather trades at a value that is 81% lower than its all-time high price.
Since our last BTC price analysis, the market had held at the support identified at the short-term downside 1.618 Fibonacci ...Read full story on Invest In Blockchain