Bitcoin 00 just blasted off to $5,100 with an impressive 17 percent gain. Will the largest digital asset continue to leg up or surprise the world with the dreaded full retrace?
Bitcoin Price: Market Overview
At last, Bitcoin (BTC) broke the malaise with gusto as it blasted far above the $4,200 resistance and reached a new yearly high at $4,800, at the time of writing.
As discussed yesterday, the largest digital asset was prepped for a strong and decisive move. While no man other than Merlin possesses a crystal ball, a combination of multiple indicators suggested that bulls had the upper hand.
Bitcoin 00 set a new higher high as it overcame $4,198. The fact that BTC sat above the 20MA of the most narrow Bollinger bands of 2019 also suggested that any high-volume breakout translates to sharper-than-normal price action.
Bitcoin posted its highest 24-hour volume since mid-February and, given the explosive nature of the breakout, a five-to-eight percent retrace is not off the table. Barring a catastrophe full…