Bitcoin price has broken through key resistance reaching $5,600, a new 2019 high. This new level also adds further weight to the increasingly prevalent sentiment that the market is turning bullish.
Bitcoin Price Hits Fresh 2019 Highs
Bitcoin price (BTC) 00 has hit fresh 2019 high breaking key resistance at the previous high of $5450. Bitcoin now truly appears to be climbing out of a bear market that began in January 2018 when the cryptocurrency saw its all time high of nearly $20,000.
As Bitcoinist market analyst FilbFilb noted yesterday,
…[A]ll indicators suggest that Bitcoin wants to continue higher and all that is required is more of the same buying pressure over the next couple of weeks, which would potentially lead to a retest of the old support at $6000. Failing that, the $4000 level is now likely to act as strong support if it is tested.
This bullish scenario appears to be playing out. Now, bitcoin price is eyeing the $6,000 level, which will likely determine where the market is ultimately headed this year.