Bitcoin Price Hits $8,939 in New 2019 High: What’s Driving the Hypnotic Rally?
By CCN: In the U.S. market and on strictly regulated crypto exchanges such as Bitstamp and Coinbase, the bitcoin price surpassed $8,900 to achieve a new 2019 high at $8,939.
Within merely hours, the bitcoin price climbed from $8,000 to $8,939, by more than 11.7 percent against the U.S. dollar.
The bitcoin price records a big overnight rally following six days of stability (source: coinmarketcap.com)
The abrupt upside movement of the bitcoin price follows its 100 percent year-to-date gain against the USD. As of May 27, bitcoin is up 136 percent year-to-date with the “real 10” volume of BTC hovering at $1.6 billion.
The “real 10” volume, which calculates the real daily spot volume of bitcoin by evaluating the volume on exchanges known to have verifiable volume by Bitwise Asset Management, is up nearly seven-fold since March, indicating a clear increase in interest in the asset class.
What are the factors behind bitcoin rally?
Technically, when the bitcoin price surpassed $7,000, analysts including global markets analyst Alex Krüger stated that the dominant crypto asset entered a bull market territory.
$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000
S: 6400, 6000Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.
Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18. pic.twitter.com/ANmIIDJVf1
— Alex Krüger (@krugermacro) May 11, 2019
