Newsflash: Bitcoin Price Smashes Past $3,700, How High Will it Go?

Journalist:
February 8, 2019

The bitcoin price smashed through $3,700 as the cryptocurrency market assembled one of its largest intraday recoveries in recent memory.

Bitcoin had entered the US trading session on a minor incline and continued to inch upward throughout the morning. Shortly before 17:00 UTC, a wave of buy pressure hit the bitcoin markets, carrying the flagship cryptocurrency from $3,450 to $3,700 within a matter of minutes. The bitcoin price ultimately peaked at $3,711 before settling back down to a present value of $3,656.

Bitcoin has been wrestling with bearish technical factors throughout the first two months of 2019, coming uncomfortably close to critical support at $3,100 on multiple occasions.

Analysts had said that bitcoin would, at the very least, need to punch back through $3,500 if it hoped to avoid another major sell-off that would potentially take it as low as $2,270.

It remains to be seen whether this rally will hold or if it’s just another dead cat bounce, but following nearly 14 months of gut-wrenching declines, today’s spike should give the bulls something to cheer about.

Featured Image from Shutterstock. Price Charts from TradingView.

Tags: Bitcoin
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.