After an incredible breakthrough past resistance at USD 9,000 yesterday to set a record new high for the year, Bitcoin price has only once went below that line in the past 24 hours, finding tentative but decent support around USD 9,100, with Central Europe waking up now to a price of around USD 9,196 (7:05 am UTC, CoinDesk).
Once more, sentiment for the world’s most traded crypto proved to be at its highest during the weekend, with supposedly big news of significant impact over the working week failing to create the sort of volume and push seen on Saturday and Sunday. Apart from a brief period as morning dawned in Asia and Bitcoin plunged to a 24-hour low of USD 8,828, valuation steadily climbed and has remained climbing for the past 10 hours.
Analysts at Bloomberg at least are quick to credit Facebook’s recent waves in the market with its GlobalCoin project. But fundamental commentators insist that Bitcoin has been increasing in value on its own merits, with recent highs in transactional volume, unique addresses and peer to peer activity all proving that growth and adoption are increasing, giving more value to the crypto.
Even technical analysts cannot ignore that positive trendlines have not been broken, contrary to the position just a week or two ago when Bitcoin threatened to fall below USD 8,000 in an unexpected pullback.
Some like Washington Post are now seeing a change in the charting pattern thus far, believing it to mirror more the pre-bull run of 2017, rather than the 2015 period during a long crypto winter. Then, the Chinese yuan had been devaluing at a correlated pattern with Bitcoin price movement.
1/ At the start of 2019 #bitcoin’s price action looked like it could mirror 2015, but has since switched to feel more like 2016.
As a foreshadowing, below is a graph showing the correlation between $BTC’s price and China's yuan ($CNY) in 2016.
— Chris Burniske (@cburniske) June 15, 2019
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