The cryptocurrency markets have rallied, halting their persisting downturn and possibly establishing their recent lows as a bottom. Despite this, a bottom will only be validated contingent upon whether or not the markets, and Bitcoin in particular, can sustain their current rally long-term.
At the time of writing, Bitcoin is trading up 13% at its current price of $4,200, significantly outperforming most major altcoins. Bitcoin appears to have established $3,600 as a temporary bottom, as this price level has held as support on multiple occasions since it was first tested on November 25th.
Before Bitcoin fell to its 2018 low of $3,600 earlier this week, it has established the $4,200 region as a level of support that was unable to hold, so traders should watch to see if BTC is able to decisively break above this level, or if greater buying volume is needed in order to propel Bitcoin’s price higher.
Alexander Kuptsikevich, a markets analyst at FX Pro Insights, recently spoke to MarketWatch about Bitcoin’s recent price action, explaining that how Bitcoin responds to…
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