27 May 2019 Simon Briggs
Bitcoin Continues Its Bullish Race, Will It Go Over $9000?
The leading cryptocurrency, Bitcoin, is on a clear bullish run since the currency devaluation from December 2018, when one Bitcoin equaled $3100. Since then, Bitcoin has been advancing in terms of price and market share, reaching nearly $9000 during the last week of May 2019.
Bitcoin stabilized over the past week, whilst the breakout was anticipated by the crypto community. The resistance at $8000 was tough, but the economic war between the United States and China managed to get its reflection on cryptocurrencies, because of traders seeking shelter in the non-fiat markets. It is not a surprise that Chinese investors are looking for a decentralized way of keeping their investments, hence – the price gain during the Asian trading session.
Bitcoin rapid increase was observed to happen within 60 minutes, going from $8011 to $8614, with constantly growing increase in trading volumes. This was followed up by another jump, reaching $8846.
Indicators are showing that the $9000 resistance level will be the most critical barrier to break. Support zones are forming at the $8500, $8600, and $8700 marks.
Bitcoin managed to gain 35% of the losses from the bearish Q3 and Q4 of 2018, and recorded its highest levels since May 2018. This is the fourth consecutive wave of bullish runs for the global crypto leader. Financial experts predict Bitcoin will see yet another bullish wave, testing, and possibly surpassing the $10,000 mark. If Bitcoin manages to exceed $10,000, it will clear off 50+% of the losses since the start of the bearish trend. As of press time, Bitcoin is trading at $8714.78 with 10% daily increase and $153,6 of market capitalization.
Other cryptocurrencies received price increases as well. Ethereum (ETH) is up 8 percent, trading at $267,80. Ripple (XRP) marked a 7-percent increase in its price, surpassing the $0,40 level to being measured at $0,4097 as of the time of writing.
One of the biggest gainers in the top 100 is Bitcoin SV, with a 25% increase in price. As of press time Bitcoin SV is trading at $113.66, which is the highest level since December 2018.
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