The price of Bitcoin and its fast comeback over the weekend and rise to a 13-month high has been viral and featured on many best cryptocurrency news sites. However, it seems like Bitcoin ignores correction calls which were predicted by analysts and is still above the ,150 mark, hitting resistance once again.
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Right now, traders are looking for the next move from the most dominant cryptocurrency and are eyeing altcoins for bigger gains. In the altcoin news, the situation is not that different as Litecoin, Bitcoin Cash, Ripple, Ether and other digital assets are recording growth. So, no one is really expecting a correction right now – especially not after Bitcoin’s strong performance and ability to retain the $9,200 price level.
For those of you who did not follow our latest cryptocurrency news, it all started when Bitcoin surged through resistance on Saturday evening, recording a new 13 month high of just north of $9,300. This resulted in a 8% price increase on the day for BTC – pumping the price from around $8,600 to the highest price point of 2019. This proved that Bitcoin ignores correction calls despite the small pullback which retested the price again and formed a double top on the day.
A new and larger pullback then took Bitcoin to $8,850 but BTC recovered again and is still heading upwards in the Asian trading session. At the time of writing, Bitcoin is trading shy of $9,200 which is marginally higher than yesterday morning.
While Bitcoin ignores correction calls, the daily volume is also rising. The number managed to pump back to $23 billion, taking BTC’s market capitalization to $162 billion which is higher than the total cryptocurrency market cap back in March this year.
A collection of technical indicators named the Ichimoku Cloud recently predicted the price of Bitcoin as well as its momentum and trend decision. As it showed:
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”
An analyst named Chonis Trading then took to Twitter with the following statement:
$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K… pic.twitter.com/UVDSMsa0bF
— BIG Chonis (@BigChonis) June 17, 2019
He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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