The weekend has been a positive one for bitcoin price which has cranked a further 10 percent as it heads towards $12,000. The move makes BTC a better performing asset than stocks by a factor of ten so far this year.
Bitcoin Powers Through Resistance
Since bitcoin price broke above $10k late last week it hasn’t looked back. After spending most of Sunday hovering just below $11k BTC surged almost 10% to power through resistance and touch a new 24 day high. The bulls were charging during Asian trading today as bitcoin reached $11,800 according to Tradingview.
Daily volume has cranked up to $20 billion once again as millions of dollars in BTC shorts on BitMEX were liquidated. On the daily chart, bitcoin is now into its seventh consecutive green candle which has pushed it back above the 50-day moving average indicating a strengthening of the uptrend.
The CME futures chart could offer an indication of where the next resistance levels lie and trader ‘CryptoFibonacci’ has been eyeing it:
“Another gap created to the downside. But, price could go up to the 61.8 retrace before doing any kind of retrace. Squeeze indicator has been (as previously mentioned) to stay away from shorts!! Hopefully everyone got that message.”
$BTC Daily CME Futures Chart.
Another gap created to the downside. But, price could go up to the 61.8 retrace before doing any kind of retrace.
— CryptoFibonacci (@CryptoFib) August 5, 2019
At the time of writing BTC appears to have reached this resistance level and is currently trading at 00.
BTC Outperforming Stocks by Ten Times
So far this year bitcoin has made gains of over 200%. It started out at around $3,800 on January first, and many will be kicking themselves for not loading up on more back then. However, the uncertainty of further losses and media-fueled FUD may have been off-putting.
Co-founder and partner at Morgan Creek Digital, Anthony Pompliano, has noted the stellar performance of bitcoin this year, even without recent gains.
“S&P 500 YTD: 17%
Bitcoin YTD: 184%
Bitcoin performance has 10x’d stocks through the first 7 months of the year”
S&P 500 YTD: 17%
Bitcoin YTD: 184%
Bitcoin performance has 10x'd stocks through the first 7 months of the year
— Pomp (@APompliano) August 3, 2019
Even Google searches for bitcoin have now surpassed those for stocks. The naysayers and permabears have been exceptionally quiet recently as BTC continues to bounce back from its recent correction. Once the trend has been confirmed it could well break higher than this year’s peak of $13,800 and that is likely to happen pretty quickly. We are only $2k away from it now.
Over $23 billion has surged into crypto markets in the past 24 hours, primarily targeting bitcoin. Total market capitalization has returned to $300 billion as the bulls begin running again.
Will bitcoin price top its 2019 high this week? Add your thoughts below.
Images via Shutterstock, Twitter: @CryptoFib, @APompliano, BTC/USD charts by Tradingview
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