Bitcoin Price Rebounds to Two-Week Highs Above $4K

Bitcoin's relief rally gathered pace on Thursday, pushing prices to two-week highs above the psychological hurdle of $4,000.

AccessTimeIconDec 20, 2018 at 8:42 a.m. UTC
Updated Sep 14, 2021 at 1:53 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin's (BTC) relief rally gathered pace on Thursday, pushing prices to two-week highs above the psychological hurdle of $4,000.

The cryptocurrency rose to a high of $4,067 at 09:06 UTC – a level last seen on Dec. 4 – according to CoinDesk's Bitcoin Price Index (BPI). Its market capitalization also hit a two-week high of $70 billion.

At press time, the world's largest cryptocurrency by market capitalization was trading at $4,000 – up 28 percent from the 15-month low of $3,122 reached earlier this week.

The recovery rally was overdue as BTC had been looking extremely oversold as its value dropped by 50 percent over the last four weeks.

The bounce in the world's largest cryptocurrency by market capitalization is again boding well for the broader markets.

As of writing, names like ether, XRP, stellar and litecoin are all reporting 2 percent gains, as per CoinMarketCap data. Bitcoin cash (ABC/SV combined) is up 30 percent and lesser-known cryptocurrencies like stratis and Chainlink have gained 45 percent and 27 percent, respectively, in the last 24 hours.

Meanwhile, the list of cryptos posting losses today includes maker and linkey, both of which are down 5 percent.

Bitcoin's move above $4,000 validates the bullish setup seen in the short-term technical charts. As a result, the focus now is on the next major resistance lined up at $4,400 (Dec. 29 high).

coindesk-btc-chart-2018-12-20-2

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.