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Bitcoin Price Breaches $9.6K to Hit 400-Day High
At 18:00 UTC on June 20, bitcoin price broke from a bullish triangle pattern after being held beneath $9,348 for an extended period of time.
Updated Sep 13, 2021, 9:20 a.m. Published Jun 21, 2019, 12:21 a.m.
Bitcoin’s price has set another new high for 2019, reaching $9,599 before retracing slightly to end Thursday’s trading.
At 18:00 UTC on June 20, the world’s largest cryptocurrency by market capitalization broke upwards on the daily chart, after being held beneath $9,348 for an extended period of time.
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The move to fresh 2019 highs comes after the bitcoin price dropped to as low as $8,919 on June 18 before a surge of buying pressure pushed prices back above $9,000 within the same day.
Since then the bitcoin price has again jumped by 4 percent, rising above $9,400 around 18:28 UTC on Thursday night and then reaching over $9,500 an hour and a half later. It’s currently changing hands at $9525 as per CoinDesk’s price data.
The rally was also accompanied by a large uptick in the 24-hour trading volume, an increase of $9 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 $2.29 billion, a large difference, according to Messari.io.
Meanwhile, the rest of the market remains relatively flat today, with only a few of the major names posting gains. Monero and Binance Coin are the only two in the green within the top 20 at CoinMarketCap and are both posting 4 percent growth over a 24-hour period.
What’s more, the total market capitalization has risen to a high of $292.1 billion its highest point since July 31, 2018 while the market capitalization for altcoins remains relatively unchanged, down $100 million, so it would appear BTC remains king and the altcoins will have to await their season a little longer.
Eyes are now firmly set on bitcoin’s new target at $9,650 resistance, last seen 13 months ago on April 30, 2018, pointing toward a very strong upward move beyond the $10,000 psychological price tag.
Disclosure: The author holds no cryptocurrency at the time of writing.
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