Bitcoin Price Analysis: BTC/USD reaches new 2019 peak

  • BTC/USD went up from $5,393 to $5,680 this Friday.
  • Bitcoin achieved a $100 billion market cap for the first time in 2019.

BTC/USD bulls had a field day this Friday as they managed to break past several critical resistance levels and reach a new 2019 high. The price went up from $5,393 to $5,680, as bulls broke past the critical $5,450 and $5,550 resistance levels. The buyers will now want to leverage their momentum and test the $5,700, and eventually, the $6,000 resistance levels. In the process, Bitcoin's marketcap also exceeded $100 billion for the first time in 2019.

BTC/USD Daily Chart

  • The price was trending upwards in a channel before it eventually broke out.
  • The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • The signal line has converged with the MACD line to indicate that the market momentum has shifted from the bears to the bulls.
  • The two latest sessions of the Elliot wave oscillator are bullish.
  • The relative strength index (RSI) indicator has entered the overbought zone, which indicates an upcoming bearish correction.
     

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