Bitcoin [BTC] surges above strong resistance at $4,000 before falling victim to market correction

Bitcoin [BTC] surges above strong resistance at $4,000 before falling victim to market correction

The cryptocurrency market saw a herd of bulls rescuing the coins from the bear market. Most of the major coins on CoinMarketCap saw a significant price hike after bulls pushed Bitcoin [BTC], the world’s largest cryptocurrency, above the $4,000-mark.

Source: CoinMarketCap

Source: CoinMarketCap

Bitcoin [BTC] surged from $3,890 to $3,932.77 over a matter of hours, but fell victim to market correction soon after. The coin rallied again from $3,930.67 to $4,013.03; however, further movement upwards was restricted by the bears as the coin price fell almost immediately.

Source: Trading view

Source: TradingView

At press time, the coin was valued at $4,053.30, with a market cap of $71 billion. The token reported a 24-hour trade volume of $10.6 billion and noted a price hike of 3.30% over the day. Over the past week, the token registered a growth of 3.26%. However, BTC fell by 0.43% over the last hour, at press time.

Bitcoin registered maximum trading volume on BitMEX exchange. The 24-hour trading volume of the token was noted to be $1.61 billion via the XBT/USD pair. CoinBene took the second place with a volume of $482 million via the BTC/USDT pair. CoinBene was followed by BW exchange as it registered a trading volume of $388 million.

Source: Trading view

Source: TradingView

The price hike indicated a bullish market and increased the volatility of the market. This was confirmed by all indicators on the one-hour chart. However, the one-day chart was skeptical of a bullish market. The support for the token has now shifted to $3,808.34.

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