BTC/USD is eyeing $10,000 as its bullish momentum moves closer to $10,000 which is about half of its all-time peak price of $20,089 of December 17, 2017.
So far, in 2019, Bitcoin has doubled in price riding on a bull run that is gathering steam since the beginning of spring. The catalysts for the rally are a host of factors and events such as increased awareness in BTC in the general public, surging investment appetite from institutions, and so on.
BTC/USD Started The Rally On Sunday
On the Coinmarketcap charts, BTC/USD started soaring on Sunday, May 26 at 21:54 UTC. At that point, the leading Crypto was changing hands at a price of $8,007.
In the last 7 days prior to the Sunday rally, Bitcoin was trading at price range of $7,700 and $8,000 where the bulls were exerting downward pressure on the Digital Asset. Actually, in the previous week, indicators showed that a bearish cycle could set as the pair could hardly hold above its $8,000 level of resistance.
After May 26, 2019, 21: 54 UTC BTC/USD started roaring and hit a high of $8, 614 in two hours which is close to 10% surge. Although BTC shed off about $90 dollars to end the day, Monday started off on high gear as BTC price chart pointed upwards reaching a morning session peak of $8, 845 at 04:09 UTC on Monday 27.
Bitcoin Overcomes The Intraday Bear Session
On Monday (May 27, 2019) between o4:09 UTC and 14: 19 UTC BTC was on an intraday bearish cycle where the price bottomed at $8, 695. However, the curve is on an upward trend again and BTC is at $8, 868 at 18: 54 UTC of the same day as the momentum is still pointing upward as the Digital Asset aims for $9,000.
To summarize the gains, BTC/USD is up by 11% at press time.
The Next Target Is $10,000
If Bitcoin concurs $9,000 which is highly likely at the prevailing market momentum, the next psychological level of resistance could be $10,000. Given the history of Bitcoin in the spring of 2019, BTC/USD pair could easily conquer the milestone in the course of next month.
Additionally, Bitcoin could consolidate its gains in the said period and establish a strong level of support that could stabilize BTC gains and take it to the next level of regaining its once-upon-a-time peak of $20,089.
What Is Triggering The Sunday Rally?
There are a number of factors that are triggering the BTC/USD rush that is fueling the bull.
One of the factors is the Bloomberg report that reveals that Fidelity Investments is finalizing the development of its solution that is set to offer Crypto trading services to its corporate clients. Additionally, E*Trade Financial Group is launching a similar service soon.
Another factor is the positive reception of news by JP Morgan where it was analyzed that BTC’s 70% gain in May 2019 has been overvalued. According to the eToro chief analyst, Mati Green, investors took the news positively as it is supporting the contested issue of Bitcoin’s intrinsic value, that critics and haters say is zero.