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Bitcoin Rises 10% In A Week; Tests $4,000 Level


Bitcoin looks set to touch the key $4,000 resistance level as the leading cryptocurrency by market capitalization continued the rally for the third consecutive day this week.

Building upon the positive start in the new week, Bitcoin rose to $3,950 on Wednesday, its highest after reaching the recent peak of $4060 on January 8.

The weekly chart confirms a bullish reversal. In the last seven days, Bitcoin moved upward by more than 10 percent, or $364.

The most popular cryptocurrrency jumped by $387, or 11 percent, in the first three days of the week.

As of this writing, BTC is changing hands at $3,910 on Coinbase.

Bitcoin's 24-hour trading volume jumped to more than $9 billion levels last seen in May 2018. It currently has a market capitalization of $69.3 billion.

Following a strong movement of almost all the top cryptocurrencies, the valuation of the crypto market increased by $13 billion in the past 48 hours.

The unprecedented surge in price evoked mixed reaction among crypto analysts. While some believe Bitcoin price will surge fast beyond key resistance levels if it manages to break the crucial $4,200 mark, another section warns not to trust the current Bitcoin rally.

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