Bitcoin price analysis: Bitcoin blasts past $5,600 to new 2019 highs; momentum slows down

  • Bitcoin leads the market in recovery as it trades new 2019 highs.
  • The ongoing bullish moment is likely to correct above $5,550 but the bulls have their eyes on $5,600.

After defending the support congestion zone at $5,200 over the last weekend session, Bitcoin corrected higher above the 23.6% Fib retracement level taken between the last upswing high of $5,632.52 and a low of $5,288.88. It extended the gains above the 50 SMA simple moving average (SMA) 1-hour which opened the way for formidable gains that not only broke past $5,500 resistance but zoomed above $5,600 to form a new 2019 high at the swing high.

Bitcoin, however, is showing signs that the bullish momentum has come to a halt. BTC/USD has retreated to levels below $5,500 and trading at $5,532 after defending the support at $5,500 (61.8% Fib level).

Both the 50 SMA and the 100 SMA are trending higher as though to catch with the surge. Similarly, the RSI has retreated from the overbought but still positively position above 50.00 to show that the trend is still in the favor of the bulls. The ongoing bullish moment is likely to correct above $5,550 but the bulls have their eyes on $5,600. Meanwhile, support will be found at 61.8% Fib level if the trend reverses while further declines are likely to find support at $5,450, $5,350 and $5,200.

BTC/USD 15-minutes

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