Bitcoin price update: BTC/USD zooms past $4,000 dragging the crypto market with it

The current bullish move is bringing smiles to a market that has been in a somber mood in the past few days. Bitcoin has revived the uptrend across the market after testing a 10-day low close to $3,850. The declines occurred after BTC/USD failed to defend $3,920 support leading to a brief waterfall drop on Monday.

Read more on Bitcoin waterfall drop here.

Mid-way through this week’s trading, Bitcoin has spiked incredibly not only reclaiming support at $3,900 but also resuming the uptrend above the psychological $4,000. At present, BTC/USD is up 2.39% according to the cryptocurrency live rates on FXStreet and is changing hands at $4,016.  The vital task the buyers have at the moment is to establish a support above $4,000.

Meanwhile, signals from the applied technical indicators show that the path of least resistance is to the upside. The RSI is holding on to 70 while battling to enter the overbought region, a level it has not been able to recover to since March 21. Similarly, the MACD on the same 2-hour chart has recovered to +12.53 from the lows reached yesterday at -21.37.

It is essential that bulls pull Bitcoin above the recent snag at $4,050. This will eventually pave the way for Bitcoin to correct to the stubborn resistance at $4,200. In spite of the up and down movement in Bitcoin price, the asset is still strongly supported in its core range between $3,500 - $5,000.

BTC/USD 2-hour chart