Bitcoin price bulls may already be seeing the answer to their prayers as markets gained upward momentum March 27, taking Bitcoin above $4000.
$4K Of False Hope?
Data from CoinMarketCap confirmed Wednesday’s price trend, which occurred as analysts warned of the need for BTC/USD to close the month above $3800 to avoid bigger losses.
At press time, the pair was trading around $4070 on some major exchanges, corresponding to daily gains of 2.9 percent.
The uptick takes BTC above territory which had proven stubborn to crack in recent days after it lost its previous footing above $4000 March 25.
The downturn had given rise to warnings that further dips were likely, part of an overall bearish near-term scenario for Bitcoin which, some say, could take BTC/USD as low as $1000.
That remains real, one analyst noted Wednesday, examining the impetus behind the action around $4000.
“…Short squeezes are the reasons we see these multimillion dollar market buys pumping price,” a commentary runs. “If theres (sic) no follow…