Bitcoin Price Rages Beyond $5,600 to Hit New 2019-High; New Rally Boom?

Joseph Young
Bitcoin price has crossed the $5,500 milestone for the first time in five months. | Source: Shutterstock

By Throughout the past 24 hours, the bitcoin price has recorded an increase of 4.3 percent, surging from around $5,280 to $5,630.

In the past month, in less than 30 days, the bitcoin price has surged from $3,900 to $5,630, by nearly 40 percent.

Various technical indicators including long-term indicators such as the moving average convergence divergence (MACD) and exponential moving average (EMA) have shown a trend reversal when bitcoin first crossed $5,000, further fueling the momentum of the dominant cryptocurrency.

Is a New Bitcoin Rally Inevitable?

On Monday, as CCN reported, a cryptocurrency trader known to the community as “Crypto Rand” said that a move for bitcoin to $6,000 is likely based on the short-term performance of bitcoin in April.

Throughout April, many traders were cautiously optimistic in regards to the price trend of bitcoin because of its strong rally during the first week of the month wherein BTC surged 20 percent against the U.S. dollar.

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