The price of bitcoin is up over $300 from today's low and now has its sight set on a key technical hurdle that, if surpassed, could spark a stronger rally, analysis suggests.
At 15:00 UTC, bitcoin's price began its ascent, invalidating what was a narrow trading range between $3,580 and $3,630. The move occurred just above previous resistance from Dec. 18 near $3,550 - a level that now appears to have successfully flipped to support as a result of the latest boost.
It now looks like bitcoin bulls want to revive and extend their rally from just eight days ago when prices were pushed above $4,000 but ultimately failed thanks to a holiday sell-off from a peak of $4,236 on Dec. 24.
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