Bitcoin: New Yearly High at 9,800
Βitcoin (BTCUSD) continues higher for one more day breaking above the 9,500 mark at 9,800 making 2019 new high and retreated fast to 9,700. The daily low for BTC was at 9,437 and the daily high at 9,800. Bitcoin capitalization jumped above 171 billion. The market capitalization of the top 100 cryptocurrencies also jumped to 297 billion, a cap figure that we haven’t seen since July 2018. Bitcoin (BTC) represent over 57 percent of cryptos value so it is clearly in control of crypto universe at the moment.
The picture is clearly bullish for the largest cryptocurrency in capitalization but it has to hold the 9,500 mark which have turned now into a strong support. Next support for BTC stands at $9,000 while more solid buying will emerge at the 8,500 the low from the previous week. On the upside strong resistance now stands at 9,800 today’s high, while I expect extra pressure from sellers at 10,000 and then at 10,500. Ethereum also mirrors the positive move from BTC and trades at 283. Bitcoin has show positive price action during weekends, so we can’t rule out a move above 10,000 mark during this weekend.