Bitcoin peaked from beginning of 2019

February 19, 2019   Bitcoin

On Monday, active growth began in the cryptocurrency market. Bitcoin has reached $ 3,950. The cost of Ethereum rose to $ 147, and the price of XPR rose to 0.3220.

The main cryptocurrencies moved upward on the background of the news about the plans of the American investment bank JP Morgan Chase to launch its own virtual currency. An additional positive for Ethereum was the statement by the co-founder of the project Vitaly Buterin that he does not see a serious security threat to the code vulnerabilities in the Constantinople network. One of the largest online retailers in the world, Rakuten, will add cryptocurrency support to its mobile application, which may increase the share of digital currencies in retail.

The head of the BKCM investment company, Brian Kelly, supposes that the market may soon recover more actively, as the massive forced sales of cryptocurrency are going to a soon end. Many investors needed cash, because they could not keep cryptocurrency assets on an ongoing basis. In addition, large and traders and institutional investors have begun to increasingly utilize Bitcoin as a backup option to gold or as a hedge against the volatility of traditional currencies.

Soon, the raise in the digital currencies market will possibly continue, although in the longer term, cryptocurrencies are likely to return to a fall within the framework of the powerful downward trend that has emerged in recent months.

Our forecast for Tuesday implies the development of an upward movement in the cryptocurrency market. Bitcoin resistance can range at $ 4,000, 4,060, and 4,100 dollars. Ethereum is able to grow to resistances of 150, 153 and 155 dollars. Resistance levels for XPR are located at 0.3250, 0.3280 and 0.3350 dollars.

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