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Bitcoin

Bitcoin trend all set to repeat 2017 historic bull run – $19,000 next?

  • Bitcoin price soared to $18,483 in an attempt to break major resistances above
  • Price retreated to the safety zone between $17,858 and $17,280 as selling pressure increased
  • The 55-day SMA is providing support to the BTC/USD at $16,780
  • Minor correction on the hourly charts will prove healthy as bulls are active near $17,200
Bitcoin trend all set to repeat 2017 historic bull run - $19,000 next? 1
Cryptocurrency heat map by Coin360

Bitcoin trend repeats 2017 history – BTC/USD touches $18,483 high

The ultra-bullish Bitcoin trend has once again pushed BTC/USD beyond the latest highs. Today, the Bitcoin trend surged through $18,000 resistance to a new 2020 high of $18,483. The price pierced through Bollinger Bands and broke past the resistance at $17,800 with rising volume. Once past the resistance and establishing a new high, the price corrected lower towards the $17,880 level.

The past few days have been pretty eventful in the BTC/USD cycle. The bears were not allowed to bring the price down as all hurdles to $18,000 were broken with relative ease. Now, BTC/USD trades in a positive zone as lower supports have moved up, and the moving averages are also sloping upwards. A sharp correction on the hourly charts happened expectedly and took the price towards the $17,870 support region.

BTC/USD 4-hour chart – Minor correction post a new multi-month high

Bitcoin trend all set to repeat 2017 historic bull run - $19,000 next? 2
Bitcoin price chart by TradingView

Traders and investors are cheering along as BTC/USD breaks new ground. The pair has reclaimed many significant levels that it lost in the 2017 bear downtrend. The price trades above the $17,800 mark comfortably, and technical indicators have cooled down after the sharp correction downwards in the hourly timeframe.

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