Bitcoin Soars to 2nd Yearly High in a Week

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Bitcoin Soars to 2nd Yearly High in a Week

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The Bitcoin bulls are decidedly back, today recording yet another 2019 high at USD 9,793 just hours ago, the second in only a week’s period. It is a strong rally that completely threw off the bears after Bitcoin had a bad start to the month, and while it is now trading at USD 9,720 at 9:00 am UTC (CoinDesk), there will be few doubting that the 10-thousand dollar head will be next on the chopping board.

Asian traders were yet again at the fore, although North America also played a part, ensuring that price remained above USD 9,300 after picking up from the day’s low at USD 9,198. By the time China woke up, price was on the verge of breaking a new high, and sentiment merely picked up from there.

It has been many weeks since we last saw a 24-hour pattern that is generally on a non-stop ascending line, especially after bears took down gains in May. Today’s almost 5% jump from yesterday is also on the back of a good week, so technicals will be extra sharp for a likely positive sentiment through to the remainder of the month.

Fundamentals continue to also set records, with hashpower reaching a new all-time high this week, ensuring that the Bitcoin network has never been more secure in the same week that Facebook’s Libra crypto hits the news headlines.

It is, however, just the beginning of the time for London to enter the scene so all eyes will be on Europe to see whether they will continue the momentum and make a break for five-digit USD valuations, or if short-term profit taking will gnaw away at today’s gains so far.

 

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