The cryptocurrency markets offered a pleasant little Saturday surprise today when the price of Bitcoin surged upwards of $4157 — injecting even more hopeium into a market fiending for the first higher high in approximately 14 months.
Bitcoin (BTC) Daily Chart
Looking at the bigger picture, we can see that Bitcoin (BTC) had officially run into what will most probably prove to be a zone of serious resistance. Buyers were able to push the price of the market leader past the first resistance level of approximately $4118.24, but price retraced back to just under that level at the time of this writing. Should BTC burst through this level — which is a very real possibility, a much more stern test will come at $4240.07. Finding support above this level would signal the first higher high since Bitcoin commended its brutal bear market…