Following the long-awaited crypto market pump things have continued rising for the past three days, the Bitcoin price has surged from $3,181 to $3,776 against the U.S. dollar, by more than 18 percent.
This has added $7 billion into the digital currency taken total market capitalization back over $120 billion again and resulted in a solid 20% gain from the weekend lows.
Bitcoin gain marks an increase of 17% since its 2018 low on Saturday. BTC is at the highest level it has been for almost two weeks.
On Monday, when the Bitcoin price was hovering at around $3,500, a cryptocurrency trader with the online alias “The Crypto Dog” said that BTC could either drop below the $3,400 mark if it loses momentum or potentially rises to $3,800.
The analyst said:
BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A breakout and I’m eyeing $3,800.
Since then, Bitcoin has shown strong signs of breaking out of the $3,800 resistance level, which it has not been able to test since the first week of December.
Even Ethereum has benefited from the bounce with a further 8% on the day taking ETH back over $100 for the first time since December 6. As above Ethereum still has a very long way to go for a recovering to be considered but upward momentum is always welcome.