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Newsflash: Bitcoin Price Hits 40-Day High, is $5,000 Next?

Last Updated March 4, 2021 2:53 PM
Josiah Wilmoth
Last Updated March 4, 2021 2:53 PM

Bitcoin’s February rally just crossed another milestone on Tuesday when the flagship cryptocurrency touched the $4,000 mark for the first time in more than a month.

The crypto market had entered the US trading session on an incline, building upon the gains it consolidated following its last jump on Feb. 8.

Shortly after 14:40 UTC, one or more major buy orders caused the bitcoin price to surge, enabling it to touch the $4,000 level before settling back to a present value of $3,955 on Bitstamp.

bitcoin price
The bitcoin price hit $4,000 on Bitstamp.

That move brought bitcoin to a 40-day high, as Jan. 10 marked the last time the cryptocurrency traded at or above $4,000.

bitcoin price
Bitcoin has now recovered to a level it hadn’t seen since early January.

Other top cryptocurrency assets are flashing major gains as well, with the best single-day performances coming from EOS (+12.06 percent) and stellar (+10.76 percent). Altogether, the crypto market cap has added nearly $6 billion since Monday.

crypto market cap
The crypto market added nearly $6 billion on Tuesday. | Source: CoinMarketCap 

While today’s move could add to the case that the cryptocurrency bear market has finally come to an end, analysts including eToro’s Mati Greenspan have said that key psychological and technical resistance at $5,000 represents a more accurate test of this recovery’s endurance.

Will the crypto market storm that castle next?

Click here for a real-time bitcoin price chart.

Featured Image from Shutterstock. Price Charts from TradingView .