Bitcoin Price Analysis: BTC/USD bulls are breaking big barriers jumping to $5100

Bitcoin price on Wednesday has rallied a whopping 4% to the highest levels seen since November 2018.
BTC/USD bulls are breaking down resistance seen within the $5000-5100 range. Eyes are on the next major barrier around the $5500 territory.

Ken Chigbo Independent Analyst

The Bitcoin price in the latter part of trading on Wednesday is further jumping to the north, up with gains of over 4%. BTC/USD trades at its highest levels since November 2018, as the bulls further breakdown areas of supply.

BTC/USD has further extended after briefly breaching the big psychological $5000, mark in the session on Tuesday. Bulls will be looking to reverse the large drop which was seen in the month of November 2018.

The next major area of resistance is observed from $5500-600 price range. BTC/USD last traded within this territory between 14-19th November, before further free-falling to the deep south. A clearance here could then open the door for a return to $6000.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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