The price of Bitcoin has a hit a new yearly high of just over $8,900 in another epic rally following the similar one that occurred two weeks ago. The run came off the back of a 50 million dollar (USD) injection of volume that pushed the asset to the highest level its been in over a 12 month period.
As usual, a minor correction followed the jump and the Bitcoin price has retraced to current levels between $8,700 and $8,600. If it can find strong support here and hold the level then it may switch from what was previously a resistance point to a support point.
Chart from Coinlib.io
So why the jump?
Bitcoin is now up by an incredible 130 percent this year, with the majority of those gains made in the last two months. While the increases are impressive, the rally could well have been much bigger had many investors not been waiting to take profits after a dismal 2018. ForexLive analyst Eammon Sheridon says “BTC doesn’t often need much of a reason” to move, and while admittedly it has been known to take investors by surprise, there is usually more to it than meets the eye.
Market sentiment is high, Twitter activity regarding Bitcoin has doubled this year and yes: many developments and institutional corridors are opening up. However, these changes alone don’t explain sudden volume spikes as we have seen recently. With the Bitcoin halvening event still a year away it seems early for investors to start accumulating now, although previous halvening events have followed a similar pattern of growth a year prior.
Bitcoin vs Argentinian Peso price hits an all-time high
The Financial Times reports that the Bitcoin price against the Argentinian peso (ARS) has hit an all-time high following fears of an incoming drop ahead of elections. The price is now at around 392,700 ARS, up from previous December 2017 level of 392,600 ARS.
Many fear that previous president and unorthodox policymaker Cristina Fernández de Kirchner could negatively influence parliament if she takes a position as deputy to Alberto Fernández.
Bitcoin Analysis
Bitcoin looks like it will hold $8,700 for now but many analysts see the next potential level on the upside to be around $9,500 in the medium term. The previous high of $8,388 will now offer a strong support point should a downtrend ensue, with the psychological $8,000 level offering further support below that.
With continued calls for a retrace to sub $5,000 levels now seeming less and less likely its likely BTC will continue this upward trajectory. The relative strength index (RSI) at 72.31 has returned to overbought territory as expected but all moving averages are now offering Bitcoin a strong buy signal.
BTC/USD is trading at $8,715, up 8.89 percent in the past 24 hours with a market cap of $154.48 billion.
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