Share this article
Sudden Bitcoin Price Breakout Sets New Bull Target at Over $5K
After today's breakout, bitcoin now needs to move above crucial resistance near $5,200 to solidify the case for a longer-term bull market.
Updated Sep 13, 2021, 9:02 a.m. Published Apr 2, 2019, 10:40 a.m.
Make us preferred on Google
View
- With bitcoin's move today to 4.5-month highs near $5,080, the transition from bear to bull market appears done and dusted.
- The trend change would gain credence, though, if and when BTC finds acceptance above the former support-turned-resistance of the 21-month exponential moving average (EMA), currently at $5,200.
- The cryptocurrency is looking overbought as per the 14-day relative strength index, so prices may have a tough time breaking above $5,200 in the near-term.
- Bitcoin could see a pullback to $4,400 if signs of bullish exhaustion increase in the next few days.
After today's breakout, bitcoin now needs to move above crucial resistance near $5,200 to solidify the case for a longer-term bull market.
The world's largest cryptocurrency by market capitalization crossed the last bearish lower high of $4,236 (Dec. 24 high) at 04:30 UTC Tuesday and jumped to $5,080 – the highest level since Nov. 19 – confirming a transition from a bear to a bull market.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The rally to a 4.5-month high was accompanied by a surge in 24-hour trading volumes to above $15 billion – the highest since mid-January 2018, according to CoinMarketCap. The bullish reversal, therefore, looks sustainable.
Further, the spike witnessed today has reinforced the positive trend change signaled by both the weekly moving average convergence divergence (MACD) and the money flow index a few weeks ago.
While the path of least resistance is now to the higher side, the bulls now face taking out the former support-turned-resistance of the 21-month exponential moving average (EMA), currently lined up at $5,200.
The persistent defense of that average support in the five months to October 2018 had triggered hopes of a strong bullish move. More importantly, a convincing break below that technical line on Nov. 14 invited strong selling pressure.
So the bulls need to force a convincing break above the 21-month EMA before claiming a complete victory over the bears.
As of writing, bitcoin is changing hands at $4,800 on Bitstamp, representing a 15 percent gain on a 24-hour basis.
Other major cryptocurrencies like ethereum's ETH token, XRP and EOS are up at least 5 percent each. Meanwhile, names like litecoin, cardano and monero are flashing double-digit gains.
Weekly chart
The 5- and 10-week moving averages (MAs) are also trending north, indicating a bullish setup, while the relative strength index (RSI) is probing the former support-turned-resistance of 53.70. A break higher would further strengthen the bullish case.
Monthly chart
BTC came close to testing the 21-month MA, currently at $5,200, earlier today. A monthly close above that average would solidify the bullish reversal and encourage further buying, possibly leading to a move above $6,000.
A break above the 21-month EMA, however, may remain elusive for a few weeks, as the cryptocurrency is looking overbought on shorter duration charts.
Daily chart
On the daily chart, the 14-day RSI is at 86.00 – the highest level since December 2017.
The overbought reading would gain credence if the cryptocurrency creates bullish exhaustion patterns (e.g. doji, bearish engulfing, or inverted bearish hammer candles) in the next few days.
In that case, prices could fall back to $4,400 (Nov. 29 high) and consolidate for a period.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; charts by Trading View
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
XRP drops 4% as traders watch whether $1.88 support holds
Price stabilizes near recent lows after a volatile pullback from above $2.
What to know:
- XRP slipped nearly 4% as bitcoin fell below $88,000, with price action driven more by market structure and positioning than by changes to Ripple’s fundamentals.
- Spot XRP ETFs saw about $40.6 million in weekly outflows, suggesting institutional profit-taking and rotation rather than a loss of confidence in the asset.
- XRP remains range-bound in a tight consolidation between support around $1.88 and resistance near $1.93–$1.95, with fading volume pointing to a larger move once the current stalemate resolves.
Top Stories
