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Bitcoin [BTC] surges above strong resistance at $4,000 before falling victim to market correction

Namrata Shukla

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Bitcoin [BTC] surges above strong resistance at $4,000 before falling victim to market correction
Source: Pixabay

The cryptocurrency market saw a herd of bulls rescuing the coins from the bear market. Most of the major coins on CoinMarketCap saw a significant price hike after bulls pushed Bitcoin [BTC], the world’s largest cryptocurrency, above the $4,000-mark.

Source: CoinMarketCap

Source: CoinMarketCap

Bitcoin [BTC] surged from $3,890 to $3,932.77 over a matter of hours, but fell victim to market correction soon after. The coin rallied again from $3,930.67 to $4,013.03; however, further movement upwards was restricted by the bears as the coin price fell almost immediately.

Source: Trading view

Source: TradingView

At press time, the coin was valued at $4,053.30, with a market cap of $71 billion. The token reported a 24-hour trade volume of $10.6 billion and noted a price hike of 3.30% over the day. Over the past week, the token registered a growth of 3.26%. However, BTC fell by 0.43% over the last hour, at press time.



Bitcoin registered maximum trading volume on BitMEX exchange. The 24-hour trading volume of the token was noted to be $1.61 billion via the XBT/USD pair. CoinBene took the second place with a volume of $482 million via the BTC/USDT pair. CoinBene was followed by BW exchange as it registered a trading volume of $388 million.

Source: Trading view

Source: TradingView

The price hike indicated a bullish market and increased the volatility of the market. This was confirmed by all indicators on the one-hour chart. However, the one-day chart was skeptical of a bullish market. The support for the token has now shifted to $3,808.34.





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Bitcoin nirvana is happening right now, says Max Keiser

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Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.



Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.





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