Bitcoin continues to move sideways above $4000, waits for the next catalyst
|After spending the weekend in a relatively tight range below $4000, Bitcoin gained more than $200 in a matter of minutes on Monday and advanced to the $4200 area. Although there were no clear catalysts behind that jump, a large Bitcoin transaction recorded on the Bitstamp exchange around the same time seems to be the primary reason.
Following yesterday's upsurge, which brought Bitcoin's market capitalization above $70 billion according to coinmarketcap.com, the cryptocurrency has gone into a consolidation phase and has been sitting comfortably above $4000 since then. As of writing, Bitcoin was down $45 on the day, trading at $4120.
Commenting on Bitcoin's recent price action, "A surge of 6.5% in 30 minutes is not entirely uncommon for bitcoin and could very well be caused by a single large order on an exchange or even by a lack of liquidity in the market," Mati Greenspan, senior market analyst at brokerage firm eToro, noted, as reported by Forbes. "What's interesting about this move is that it did bring us above the $4,000 level and so far is holding onto the gains,"
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