Bitcoin had a sorry 2017 year, being stuck in a persisting bear market, the coin reached the price as low as $3k and investors were forced to sell it off in order to avoid further loss. Currently, Bitcoin is trading at its highest price level of 2019 at exactly $7,288 at the time of writing this article. It was believed that $6,400 was a key level Bitcoin had to break in order to form a fresh bull trend.
$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000
S: 6400, 6000
Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.
Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18. pic.twitter.com/ANmIIDJVf1
— Alex Krüger (@krugermacro) May 11, 2019
It seems like Bitcoin may well hit $8k for the first time in over a year and may well reach a milestone of $10k sometime later this year if this upwards price trend continuous.
There is plenty of euphoria right now, if volume precedes the price, we may see another quick $1k plunge in the price.
After 15 months of a bear market, this current price jump could well be a frantic pump and price could dip as quickly as it has risen. After all, we have seen that happening all throughout the year, 2018.
No one predicted $7k hit so soon. What is the fate of this cryptocurrency, no one knows the exact answer but one thing is for sure, it is not fading away from making the news.