Following this week’s bullish momentum, Bitcoin finally broke out the $5,000 mark.
The price is currently consolidating gains and it traded towards resistance of $5,300.
Against the U.S. Dollar, Bitcoin’s price rally managed to gather pace surpassing the $4,800 and $5,000 milestones—likely to accelerate further.
This price formed the new 2019 high, signifying the strong uptrend the bulls achieved.
The technical structure Bitcoin currently has suggests the rally’s possible extent above the resistance levels of $5,000 and $5,100.
After this move, the bulls are more likely to stay in control even though the MACD (Moving Average Convergence Divergence) can be spotted moving into the bearish zone.
It is still unclear what caused this sharp rise of Bitcoin’s value, happening within hours. However, as always in crypto trading—we should expect the unexpected.
All we know is that the buying volume went through the roof, and surged past its all-time high.
The high demand for buying the cryptocurrency naturally represents a strong bullish signal.
Further price increases are expected in the coming days on the crypto market.