Is Bitcoin price eyeing the $4,200 mark?

February 21, 2019 AtoZ Markets  Bitcoin has shown signs of improvement lately, experiencing notable price gains and robust sentiment. Bitcoin prices have rallied recently, climbing more than 10% in a week. The world’s largest virtual currency by market value surged to as much as $4,025 earlier today. Moreover, the overall cryptocurrency market cap climbed over 10% from $121.5 billion to $133 billion, as per coinmarketcap stats.

From last week, the price of the coin has moved by $ 344.20 (9.56%) with a total volume of over $ 1.40 Billion. The highest price, $ 4,026.54, was on 21 February 2019 at 08:00 GMT while the lowest price, $ 3,567.39, was on 14 February 2019 at 13:00 GMT.

Bitcoin price analysis for the short term

Looking at the yesterday’s technical chart, Bitcoin price went a little downwards from the $3,975 swing high against the USD. The price of the coin traded below the $3,900 support level, however, strong support was formed near to the $3,860 level. Afterward, the price began a crisp upward move. There was also a break over a bearish pattern line at $3,900 level on the hourly chart of the BTCUSD pair.

Later on, the BTCUSD pair settled over the $3,920 level and traded near the $4093 resistance level. Bitcoin price is at present merging below $3,950, with a bullish edge. The present price of the coin activity is sure and it appears there might be more increases above $4,093 and $4132 resistances in the short term. However, an effective break over the $4,093 resistance is a must for an upside move. The next major resistance is around $4,200 handle.

On the downside, the support is around $3,900 mark. If bitcoin price falls below the pattern line, it might test the $3,830 and $3,800 weekly support levels. The last support is at $3,800 and the 100 hourly SMA.

To sum it up, bitcoin price is in a highly bullish momentum over the $3,900 and $3,860 supports. Along these lines, there are high probability of more upsides over the $4,150 and $4,200 level.

Bitcoin daily Pivot points

Bitcoin price has significant daily support near $3,990 level and resistance near $4,093 level.