Having started off the day’s trade at $3,770, Bitcoin price took a sudden leap to reach $3,902 over the course of the day. At the time of this writing, $BTC is trading at the price of $3,887, with an overall growth of 3.2% over the 24-hour period.
This rise in Bitcoin price is being attributed to the recent statements from various billionaires and industry experts. A number of big-money names have shown faith in Bitcoin. This has led to a drive in retail investments yet again! However, it is not just Bitcoin which is booming. The entire crypto-markets are seeing green once more!
Bitcoin Price Surge: What Caused This Price Rise?
Markets such as Bitcoin (and even stocks to an extent) respond to ‘sentiments’. If the overall sentiment around the markets is positive and people are showing faith in the currency – it leads to a rise in purchase – therefore a rise in price. Bitcoin price rise is because of the same reason.
Over the last few weeks, we saw a number of names such as Jack Dorsey and Steve Wozniak back cryptos. This is the direct impact which can be felt in the markets. Furthermore, crypto-experts such as John McAfee have also been quite positive about cryptos. News then broke that Bitcoin has beaten PayPal in transaction volumes. All of these factors helped hike Bitcoin price forward.
A Technical Analysis of Bitcoin Price
Currently priced in at $3,887, the price of Bitcoin is likely to continue trying to break through the $4,000 resistance – followed by the $4,200 resistance. However, as and when Bitcoin crosses the $4,200 mark – it forms a strong line of support at $4,000. The next target could potentially be $5,000 or even $5,500!