Tanya Abrosimova
Independent Analyst
- Bitcoin gains over 3% in a matter of minutes.
- The price retraced from the new 2019 high amid technical correction.
Bitcoin jumped out of the range and refreshed the highest levels of the year. The first digital coin revisited $5,632 for the first time since November 2018.
The movement is likely to be triggered by technical factors as no fundamental triggers are readily available to explain the strong growth.
Potentially, a breakthrough above $5,500 squeezed weak shorts out of the market and triggered new buy orders, creating a strong upside momentum.
At the time of writing, BTC/USD retraced to $5,526 amid technical correction after a strong growth. The short-term RSI has reversed to the downside, though it is still in the overbought territory, signalling that the correction phase is not over. Watch out for $5,500 handle as a sustainable move lower will increase the downside pressure and, potentially, take the price towards the previous consolidation area $5,400.
BTC/USD, 30-min chart
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