Bitcoin has been able to maintain the upwards momentum that was sparked earlier this week when the cryptocurrency surged back above the important psychological price level of $4,000. Although BTC has continued to climb, it has still failed to decisively break above $4,100, which has proven to be a strong level of resistance so far.<\/p>\n
Now, one analyst believes that Bitcoin is nearing a battle zone<\/a> that will likely lead to some major volatility in the near-future.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up 0.5% at its current price of just under $4,090. This past Monday, Bitcoin faced a large amount of selling pressure that sent its price spiraling downwards to lows of $3,900, where it found support that propelled it back above $4,000 and towards its current price levels.<\/p>\n Charles Hayter, the co-founder of CryptoCompare, spoke to MarketWatch<\/a>\u00a0about BTC\u2019s recent price action, noting that large investors are likely accumulating the cryptocurrency at these current price levels.<\/p>\n \u201cWe are still in this channel we\u2019ve been in the past couple of months and those who were getting out have and now some long-term investors are probably looking to accumulate\u2026 Furthermore, we are still seeing a lot of solid infrastructure being built and people are realizing more and more people are adopting the technology,\u201d Hayter explained.<\/p><\/blockquote>\n Bitcoin\u2019s ability to hold well above its 2018 lows of $3,200 over the past several months has been an overwhelmingly positive revelation for the cryptocurrency, as it signals that this price level is likely to be a long-term support level, and possibly a bottom.<\/p>\n Because Bitcoin is nearing an established level of resistance around $4,100, and an even stronger level of resistance around $4,200 to $4,300 that was formed in late-February, it is likely that BTC\u2019s current levels of relative stability will be fleeting.<\/p>\n David Puell, a popular cryptocurrency analyst on Twitter, spoke about this upcoming volatility, noting in a chart that Bitcoin is currently caught in an ascending channel that is pointing it towards the aforementioned resistance levels and towards its 200-day moving average (MA), which will likely result in large volatility.<\/p>\n \u201c$BTC: This battle is going to be a fun one to watch,\u201d he concisely noted while referencing a chart with his notes on it.<\/p><\/blockquote>\n $BTC<\/a>: This battle is going to be a fun one to watch…#Popcorn<\/a> pic.twitter.com\/nrAeMKQet0<\/a><\/p>\n — David Puell (@dpuellARK) March 28, 2019<\/a><\/p><\/blockquote>\nBitcoin (BTC) Continues Climbing, but is Nearing Key Resistance Level <\/strong><\/h2>\n
Analyst: Bitcoin Nearing a Battle Zone<\/strong><\/h2>\n
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