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Bitcoin Consolidates Around $3900 After Bullish Crossover

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After a surge of 10 percent on Sunday, the Bitcoin price has consolidated around $3900 this week, but just short of the crucial $4,000 resistance level.

Prices are trapped in a narrow $90 range between $3,860 and $3,950 for the fifth consecutive day this week.

As of writing, BTC is changing hands at $3,937 on Coinbase.

Gaining $389, or 11 percent, the most popular cryptocurrrency rose to $3,952 on Friday, its highest after reaching the recent peak of $4060 on January 8.

Comparing the latest short-term bullish rally to a similar trend earlier this month, some analysts made a cautious projection that traders are expecting BTC to retreat marginally to some where near $3,700 in the near future.

But the minor correction is seen as a jumping board to provide more stability and a strong ground to initiate short-term rallies.

Bitcoin currently has a market capitalization of $69.3 billion, according to CoinMarketCap data. A sharp drop in trading volume was reported during the week.

Bitcon's recent strong upward movement positively influenced the cryptocurrency market sentiment, which reflected in the price of almost all the top cryptocurrencies.

Ethereum (ETH) gained the biggest benefit in terms of value, as it fattened by more than 21 percent, or $26, in the past one week.

Litecoin, XRP, Bitcoin Cash, Ethereum Classic and Zcash have been in the green zone during the week.

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