No Letdown for Bitcoin as New Peak for 2019 Reached

If there were any worries that the weekend performance might have taken some of the strength away from the bulls, then today provided fresh impetus and further evidence of an imminent rally for Bitcoin as a new high of USD 11,450 was reached at around noon time, UTC (CoinDesk).

Yesterday’s comfortable levels became today’s support level, with price never looking back once it started creeping up from USD 10,778 only 24 hours ago. Although there was a plummet once below USD 11,000 the next breach of that line has only resulted in a stairway up.

If Bitcoin can hold above this for a full day, the bulls will surely take the market by its horns and aim for USD 12,000 this week. If not, then the short-term scenario is most likely that of consolidation, barring a sudden relapse back to below USD 10,000, whereby a strong correction signal could come into play.

Rather unexpectedly, the rest of the crypto market has entered a slight retracement, with only 1 coin (UNUS SED LEO) out of the Top 20 by market capitalization showing USD gains. Bitcoin once more holds sway over the market, taking dominance to 60% today, in a market with a capitalization at over USD 333 billion (CoinMarketCap).

All other markers are decidedly positive, apparently. Hashpower, already at its peak, continues to grow, and is unlikely to leave for other assets:

Bitcoin is fine for now, the hashing is at an all-time high and it’s expected to grow as the price rises. Also, if contentious forks like Bcash go to 0, the equipment will return to the king’s court.

— Vampire Vlad of Wallachia (@VampireVladofW) June 25, 2019

As always, it can be difficult to decipher the writing on the wall for Bitcoin, but the mood has never been stronger this year in the bull’s camp, especially in Europe where traders celebrated price crossing EUR 10,000 for the first time since December 2017. Could this week see British traders mark a similar milestone with GBP 10,000?

 

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