Bitcoin [BTC] breaks $4,200 resistance; corrects itself to $4,100 level

Bitcoin [BTC], the largest cryptocurrency in the world, was surging over the past few hours, at press time. This pump in price helped BTC cross strong resistance at the $4,200-mark, pushing the king coin’s value to $4,228.05. The price surged as high as $4,275.14, before falling to the $4,100 level.

Bitcoin [BTC]

Source: CoinMarketCap

Source: CoinMarketCap

Bitcoin had a market cap of $74.48 billion, while noting a 24-hour trading volume of $11.30 billion. It also registered a 4.08% surge within a day. The coin’s price gradually rose by 4.76% over the week and was hiking by 1.21%, over the hour.

FCoin reported the highest BTC trading volume, recording $4.93 billion via the BTC/USDT pair. The exchange’s trading price for the pair was $4,242.37. FCoin was followed by BitMex, which traded XBT/USD for $4,077.50 and recorded a volume of $1.688 billion. FCoin took the third place as well via the ETH/BTC pair, at $4,220.27, and recorded a volume of $841 million.

Source: CoinMarketCap

Source: CoinMarketCap

Bitcoin managed to break its resistance at $4,200 and according to CoinMarketCap, reported a seven-day high of $4,296.81 and seven-day low of $3,934.03. The price change over the day was 0.74%.

The price of the Bitcoin [BTC] observed two movements, one from $4,215 to $3,984 and the second from $4,030 to $4,213. The new support for Bitcoin was at $3,781, while a new resistance was formed at the seven-day high point.

Recently, the United States Securities and Exchange Commission [SEC] stalled a publicly traded Bitcoin ETF proposal. Bitwise Asset Management with NYSE Arca, had put forward an application for a Bitcoin Exchange Traded Fund [ETF] in February.

However, a notice from the SEC said that a “longer period” was necessary to take a decision on the ETF. Given the extension, the regulatory body will confirm their stance on the Bitcoin ETF by 16 May, 2019, the notice stated. It read,

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.”

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