Bitcoin price continues to post record highs in 2019, breaking the key $6,000 level not seen since the mid-November plunge.
More Evidence Of A New Bull Market
Bitcoin price 00 has broken key resistance at $6,000 to reach as high as $6,077 on Bitstamp on about $15 billion in trading volume.
BTC/USD also marks an impressive 40 percent gain since the start of the year to outperform the S&p500, commodities, and oil.
It also suggests that Bitcoin appears completely unaffected by the Binance hack as the CEO toyed around with the idea of a ‘re-org’ to much backlash. What’s more, many commentators were even “shocked” that the idea was even being discussed.
In other words, price is showing new signs of strength as the inability of the world’s biggest players to affect Bitcoin in any way becomes increasingly apparent.
It turns out the re-org discussion is hotter than the incident itself. And becoming a little twisted.
1. we did not initiate the idea. It came from a suggestion from Jeremy (quoted tweet)
2. we did discuss it. Many people seems to deem even that itself is wrong. I don’t think https://t.co/vLAurq6AKt
— CZ Binance (@cz_binance) May 8, 2019
The idea brought back memories of the New York Agreement in late 2017 backed the biggest cryptocurrency companies. The defeat of this proposed change was a major win for Bitcoin users proving that it is they who are ultimately in control.
In retrospect, this was a critical event at the time that partially staged for Bitcoin’s meteoric rally.
Breaking $6000 From The Other Direction
Rising institutional interest, the return of Korea’s ‘Kimchi premium‘ and Chinese traders paying a markup for Tethers, allowing easier access to crypto markets, are among the other factors driving the current uptrend.
On the technical side, as noted earlier by Bitcoinist this week, a test of $6,000 was not unexpected. But passing this key level upon the first attempt is an encouraging sign. Bitcoinist senior market analyst FilbFilb adds that passing such a psychological number could keep the momentum going, who said:
It would be highly unusual to not go higher after breaking a big level like 6k.
Moreover, it was the $6,000s last year that held as strong support for months until finally giving in mid-December plunging to its yearly low.
Therefore, breaking the $6K level, this time (from the other direction) could be just as crucial in confirming a new bull market.
Bitcoin Stronger in 2019 Than Ever
Meanwhile, Bitcoin’s fundamentals are stronger than ever with record highs across key metrics such as on-chain transactions, hash rate, block size.
The halving, 380 days away, may already be putting upward pressure on price. Also worth noting is the lack of media hype compared to the end of 2017. This may suggest that the market is now more mature, not as hype-driven and much more robust this time around.
Overall, BTC still has to pare 70 percent to revisit its $20,000 all-time high. But while it’s still too early to proclaim a new bull market, breaking $6,00 is a huge boost for the bulls in 2019 that has even bearish traders now changing their tune.
The total cryptocurrency market cap is now just under $190 billion while the Bitcoin dominance index has risen slightly to 57 percent.
What price will officially herald the bull market? Share your thoughts below!
Images via Shutterstock, Tradingview.com
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