Bitcoin’s price has once again set a new high for 2019 after breaking out from a bullish pattern on the daily chart, reaching as high as $8,905 before retracing slightly.
At 19:00 UTC on May 26, the world’s largest cryptocurrency by market capitalization broke from an ascending triangle pattern on the daily chart, courtesy of being held beneath $8,250 for an extended period of time.
The move to fresh 2019 highs has come at a time when prices were beginning to creep to the downside, touching as low as $6,600 on May 17 before a large amount of buying pressure pushed prices back above $7,300 within the same day.
Since then prices have once again jumped by 22 percent, first rising above $8,500 on Sunday night in bullish fashion, then reaching over $8,700 within half an hour. It’s currently changing hands at $8,890 per CoinDesk’s price data.
Notably, the price rally was also accompanied by a large uptick in the 24-hour trading volume, an increase of $10.3 billion was added overall, according to data from CoinMarketCap.
However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $3.1 billion, according to Messari.io.
Meanwhile, other highly ranked cryptocurrencies like EOS, Ether (ETH), XRP, and litecoin (LTC) have gained between 5.3 to 5.8 percent each on a 24-hour basis, according to CoinMarketCap.
What’s more, the total market capitalization has risen to a high of $268.1 billion its highest point since August 3, 2018 while the market capitalization for altcoins is up $6 billion, a sign of continued funding and investment for cryptocurrencies overall.
Eyes are now firmly set on bitcoin’s new target along $9,650 resistance, last seen 13 months ago on April 30, 2018, signaling a very strong upward move beyond the $10,000 psychological price tag.
Disclosure: The author holds no cryptocurrency at the time of writing.
Bitcoin image via Shutterstock