After the poor year that it had in 2018, many had written off Bitcoin (BTC) for good, but this year the cryptocurrency has come back with a bang and went on a rally that eventually mirrored the astonishing rally in the second half of 2017. After enjoying a hugely impressive rally for much of 2019, the cryptocurrency experienced a decline through the weekend to Tuesday, when it fell to $9,614.
Solid Recovery
However, on Tuesday itself, the rally resumed for Bitcoin, and the most valuable cryptocurrency in the world gained $2,000 in valuation within a span of only 24 hours. These are the sort of moves that the most popular cryptocurrency made back in the heady days of 2017 when it reached a price of $20,000, and it is hardly a surprise that people are comparing the two price movements.
This time, Bitcoin managed to reach $13,880, and that remains the highest point in 2019 so far. Although there are many who believe that the cryptocurrency is going to continue rising, there are experts who believe that there are still some resistance levels that it needs to breach in order to go on a sustained run. It is believed that Bitcoin is currently being held back by a basic bearish trend, and if it manages to invalidate that, then things could be on an upward curve from then on.
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What to Watch?
On June 28, BTC reached $12,448, and if it can breach that, then there is a chance of the cryptocurrency rising further. In addition to that, if the volume rises significantly and the recent high of $13,880 is breached at any point, then it would be a confirmation of the fact that Bitcoin has managed to completely invalidate the bearish patterns that have been developing recently.
Those bearish patterns have been ultimately responsible for the pullback in BTC’s recent price movement. Experts believe that traders should wait for the price to breach $12,448 before taking a bullish position.
Featured image: DepositPhotos © KostyaKlimenko
