Bitcoin 00 just blasted off to $5,100 with an impressive 17 percent gain. Will the largest digital asset continue to leg up or surprise the world with the dreaded full retrace?
Bitcoin Price: Market Overview
At last, Bitcoin (BTC) broke the malaise with gusto as it blasted far above the $4,200 resistance and reached a new yearly high at $4,800, at the time of writing.
As discussed yesterday, the largest digital asset was prepped for a strong and decisive move. While no man other than Merlin possesses a crystal ball, a combination of multiple indicators suggested that bulls had the upper hand.
4-HR Chart
Bitcoin 00 set a new higher high as it overcame $4,198. The fact that BTC sat above the 20MA of the most narrow Bollinger bands of 2019 also suggested that any high-volume breakout translates to sharper-than-normal price action.
Bitcoin posted its highest 24-hour volume since mid-February and, given the explosive nature of the breakout, a five-to-eight percent retrace is not off the table. Barring a catastrophe full retrace, we can expect Bitcoin to consolidate for a while — as the digital asset will need to overtake $5,700, followed by $6,500.
Bitcoin now rests above the 200-MA ($4,620) while the overall crypto market cap now sits at $160 billion.
BTC Weekly Chart
The weekly chart show Bitcoin breaking above its incremental weekly rise and posting the highest price gain since November 2018. At the time of writing, BTC gained 16.25 percent in less than 30 minutes. This is a developing story which will be updated with more detailed analysis as the situation develops.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]
Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.
Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.
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