Bitcoin hits 17-month high surging above $12K
BTC rose above the $12,900 mark earlier today for the first time since January 2018, managing yet another new 2019 high as per data from CoinMarketCap.
Bitcoin continues to be the crypto gift that keeps on giving. BTC rose above the $12,900 mark earlier today for the first time since January 2018, managing yet another new 2019 high as per data from CoinMarketCap.
At around 03:00 UTC on June 26, Bitcoin broke free from a bullish pattern, surging aggressively above the $12,000 mark with robust momentum and extraordinary volatility. At the time of writing, the price has seen a slight correction and is trading at $12,864.
The previous time where Bitcoin has traded above $12,000 was in January 2018. Prices were on the way down at the beginning of a down trending bear market. Of course, this time around, things are quite different.
Bitcoin (BTC) continues along its impressive rally, up 40% in the past month alone. Furthermore, BTC’s year-to-year performance is up by an astonishing 250% as per data from Messari.io.
Bitcoin’s weekly chart also indicates some crucial insights, showing critical levels of support and resistance at both $11,500 and $13,700 respectively.
In addition to this, there has also been a robust backing of weekly volume since 2019 began, except March, which saw below-average volume traded during the month.
Should BTC’s momentum and market conditions remain on its current course, the cryptocurrency could break into the $13,500 area in the next few days.
However, should prices fall below $11,500 and restest the $11,000 psychological support zone, overall, the current price trend will still indicate bullish behaviour.