The Bitcoin price has broken the key resistance, reaching $ 5,600, a new high in 2019. This new level adds even more weight to the increasingly prevailing sentiment that the market is bullish.
Bitcoin Price Reaches New 2019 Highs
Bitcoin Price (BTC) 0 0 has hit a fresh 2019 high breakthrough resistance at the last high of $ 5450. Bitcoin is now really out of a bear market that started in January 201
As the Bitcoinist market analyst FilbFilb noted yesterday,
… [A] All indicators suggest that Bitcoin wants to continue to rise and that in the next few weeks only the same Purchase pressure is required, which could possibly lead to a re-test of the old support at 6000 USD. If this does not happen, the value of $ 4000 should now provide strong support when tested.
This bullish scenario seems to be emerging. Now the Bitcoin price has a value of $ 6,000 in mind, which is likely to determine the direction in which the market will ultimately move this year.
Breaking $ 6k could also be the last nail in the coffin for the bears. This level is critical. The $ 6,000 spread served as support for nearly four months from August to November 2018.
Today Bitcoin is more than 60 percent above the low point record in the first week of February and 58 percent down on last year's low. These increases also mean that BTC outperforms most traditional stocks, commodities, NASDAQ and the S & P 500 this year.
Incoming Golden Cross?
Additional fuel for Bitcoin may come from a "golden cross" or at some point in time, the 50-day moving average moves above the 200-day MA, a very bullish signal.
Overall, market sentiment is changing significantly. As reported by Bitcoinist yesterday, even bearish traders start beating.
Until recently, the well-known Bitcoin market analyst Murad Mahmudov, for example, [bearish] on BTC / USD Until the second quarter of 2020, he does not expect a new bull run. Today, he is 75 percent sure that the low point is reached.
In addition, analyst Tone Vays has lowered the odds of its projected $ 1k low to 40%. Meanwhile, Willy Woo says he is 95 percent sure that the low for Bitcoin took place in mid-December 2018.
While veteran trader Peter Brandt, who had called Bitcoin's $ 20K top earlier this month, is not surprised When the Bitcoin price moves into a new parabolic phase,
Numerous indicators point to that the market has turned
More good news for the bulls are also coming from numerous indicators. For example, the Mayer Mutliple (MM) has risen above 1.0, signaling the establishment of a long-term low for the Bitcoin price.
Increasing institutional interest, return of the "Kimchi Premium" from Korea and Chinese traders paying a premium for tethers. This allows for easier access to crypto markets and is a sign of an uptick in Bitcoin.
Meanwhile, the fundamentals of Bitcoin are stronger than ever, while halving, which is expected to reduce selling pressure in the market, is now less than 400 days away.
It is too early to say that Bitcoin is now in a bull market. However, the number of positive signals certainly increases with each passing day.
Is the Bitcoin bear market finally over? Share your opinion below!
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