Bitcoin Breaks Through Resistance, Rises 15% in an hour hitting $4,800

The cryptocurrency market suddenly broke through the stagnation of many months. Bitcoin broke through $4,800 today and recorded a growth of more than 14% in one hour, a new high in four months.

The outside world has been expecting Bitcoin to regain its upward trend this year. Since last Wednesday (27th), Bitcoin has regained its level of US$4,000 and has since steadily increased. Suddenly rising to noon today (Hong Kong Time), it climbed from $4,196 to a maximum of $4,849 in an hour, an increase of more than 15%, and the market value also increased by more than 15% to about $85.25 billion.

Other mainstream 20 cryptocurrencies have also benefited, driving prices to rise across the board. As of noon, the Ethereum reported a rise of 6.05% to $150 USD, and XRP reported a gain of 7.67% to $0.33 USD. The EOS reported an increase of 9.78% to $4.61 USD. Among them, the highest increase was NEM, which was up to 12.69% at $0.06.

Liquefy Chief Executive Lai Yuqin pointed out that Bitcoin will remain at $4,000 to $4,200 for a short period of time. With a break of $4,200, the next resistance level will be $4,800.

According to Benedict Ho, managing partner of MaiCapital, the main resistance of Bitcoin is at $4,200, and the price has hovered between $3,400 and $4,200 in recent months. After breaking through the resistance level this morning, it led to a large number of short-selling and follow-up buying markets.