Bitcoin has picked on yet a new milestone. After a challenging year in 2018, Bitcoin is back to the positive zone. It is not easy to forget that Bitcoin lost nearly three-fourths of its value in the past year. The cryptocurrency went up as high as 71% in May.
Bitcoin has touched upon a record high price at $8,905 before retracing. This is a new record for the year 2019. There was an ascending triangle pattern on the daily chart, and on May 26, 2019, after being held below $8,250 for an extended period, the crypto broke from the ascending triangle.
The price of the Bitcoin dropped below $6,600 on May 17, 2019. Subsequently, there was a large amount of buying pressure, and the cost of the Bitcoin was pushed back up to $7,300 on the same day.
Ever since, the price of the Bitcoin has been pumped high by 22%, which is about $8,500 on Sunday night. The price then reached to over $8,700 in just half an hour. The Bitcoin is currently changing hands at $8,890. There was a significant uptick in the 24-hour trading volume of the coin along with the price rally.
The “Real 10” volume takes into consideration the honest volume figures. The figure currently is reported to be $3.1 billion. Investor’s eyes are set on the new target of Bitcoin along with the $9,650 resistance. There are strong signals for the Bitcoin to move past the $10,000 psychological price tag.
Brian Kelly, the founder of BKCM, LLC, stated that the Bitcoin is ready for yet another breakout action due to institutional adoption, supply cut, and retail anticipation. According to Kelly, the financial firms entering the Bitcoin market has caused a positive impression about the cryptocurrency in the minds of the people.
The previous psychological level of Bitcoin was at $6,000, and it happened on May 09, 2019. Investors were under the assumption that the $6,000 level is an opportunity to purchase the Bitcoin for a lower price.
Mike Novogratz, Digital’s billionaire CEO, called $6,000 as the Bitcoin bottom in the year 2018. He cited how institutions are making it to the cryptocurrency world by stating, “I think institutions are moving towards investing. It’s shocking how much has happened.”
Mr. Kelly stated the extended waited institutional adoption is now happening by saying, “You are starting to get that long-waited-for institutional adoption.”
The next halving is considered to bring in a big picture for the Bitcoin bulls.