The $4,000 level, or more precisely $4,100, has acted as a major psychological resistance point for Bitcoin over the last few months. It remains to be seen whether BTC will be able to break through the seemingly crucial level and move higher.
The overall crypto market paints a similar picture, with the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, currently testing 2019 highs just above 51. The index is currently at 51.16 — a break above 51.3 would represent fresh highs for the year.
Apart from the encouraging market conditions, investor sentiment has steadily been improving. For example, prominent tech figure Michael Arrington recently shared that he’s never been more bullish on crypto than he is right now. Arrington runs Arrington XRP Capital, a $100 million XRP-denominated crypto hedge fund.
I've never been more bullish about crypto than I am right now.
— Michael Arrington (@arrington) March 28, 2019
Moving forward, investors should watch how Bitcoin and the ALT100 behave relative to the critical $4,100 level (51 for ALT100). This weekend could prove to be very volatile depending on which way things go.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.