We are seeing a lot of Bitcoin highs this year and reporting them along with many best cryptocurrency news sites daily. What’s new in all of this frenzy is that Bitcoin keeps on adding more gains every hour. The most dominant cryptocurrency is now at 58% dominance and trading at a price of $6,811 with 8% gains on the day and a market cap that just crossed the $120 billion mark.
Over the past few weeks, the Bitcoin highs have been very consistent, proving that there is a decidedly bullish trend out there. The asset broke the 200-day moving average weeks ago and according to Fundstrat’s Tom Lee, BTC has since then been in a “bull market.”
In the coming altcoin news, we cannot see the same increases or influxes of cash but even despite that, the market is picking up on the gains and following the Bitcoin highs. What’s interesting is the fact that very few people believed that Bitcoin could visit the $7,000 region and rise by almost double in a couple of weeks. We are seeing that the pace at which Bitcoin adds more dollars is insane and in the past month alone, BTC is up by over 50% reminiscent of the 2017 rally.
As the latest cryptocurrency news show, analysts are certain of the Bitcoin highs too. For example, one industry researcher named Willy Woo (and known to the public) said that if a short squeeze comes to life, Bitcoin would see a “blow-off” where its price would explore within a short period of time. This has a lot to do with short squeezes and their link to short-selling and urging sellers like these to “buy back at market price” while creating instant buying pressure.
When seeing the technicals and the Bitcoin highs from a statistical perspective, we can see that Bitcoin is currently overvalued in the short run. While at its 2019 high, analysts believe that BTC could rise even more – but also correct and settle at around $6,500 in the coming days.
To sum things up, the Bitcoin highs continue but could stabilize the most dominant cryptocurrency in the $7,000 region. If negative funding rates reach high enough levels, however, a short squeeze could erase the 2019 Bitcoin high in an instant.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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